Notice, annual payments and compounded monthly.

Ut would just be 6%/12months= 0.5% right since the payments and compounding occur at the same frequency?

I think I just realized where I messed up. It should be i=(1+r/m)^(m/k)-1 which results in 6.168%. Is this right?

But the interest rate to calculate the payment amount would be annually, which needs an annual rate, so I'm not sure. I would appreciate any help. Thank you!

Advanced personalized learning, tailoring instruction to a student's particular needs and learning preferences, is a challenging opportunity. One start-up with four engineers has produced an adaptive hardware/software package that is projected to sell for $3,600. Rather than pay cash, potential buyers will be able to buy the package over two years with annual payments and interest at 6% per year compounded monthly. What is the interest rate required to calculate the payment amount? 0.500% 6.000% 6.168% 0.498% Advanced personalized learning, tailoring instruction to a student's particular needs and learning preferences, is a challenging opportunity. One start-up with four engineers has produced an adaptive hardware/software package that is projected to sell for $3,600. Rather than pay cash, potential buyers will be able to buy the package over two years with annual payments and interest at 6% per year compounded monthly. What is the interest rate required to calculate the payment amount? 0.500% 6.000% 6.168% 0.498%