Does the order of the numbers in an ordered pair matter when naming a point? Can that point be represented by more than on order
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Answer:
Compound interest =$14.58
Simple Interest=$14.79
Step-by-step explanation:
Let's assume the interest rate charged on the loan was simple in nature.
-Simple interest is calculated using the formula:
Hence, the simple interest on the loan was $14.79
#If the interest is compound in nature with just one compounding per year:
Hence, the compound interest charged on the loan is $14.58