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1. You are to charge 4% monthly interest on a pawned Rolex watch. If the Rolex was pawned for ?20,000, how much should simple interest

1. You are to charge 4% monthly interest on a pawned Rolex watch. If the Rolex was pawned for ?20,000, how much should simple interest be after 5 months? How much should be paid in full for the loan?

Should the interest be divided by 12 or not? Thanks!

2. Find the nominal rate which if compounded quarterly could be used instead of 12% compounded monthly. What is the corresponding effective rate?

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