If a loan of 1,500 at 4% is paid off in 90 days what is the interest
1 answer:
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
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Step-by-step explanation:
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Step-by-step explanation:
Data given and notation
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sample size
represent the value that we want to test
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