Lenny loanz borrowed $8000 for a used car and paid 9
1 answer:
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Answer:
Step-by-step explanation:
Given that interest rates are as follows:
Let P be 100 dollars for each.
A) 3.15% compounded monthly.
Hence amount =
Final amount = 103.20 dollars
B) 2.25% compounded quarterly
Final amt. =
=102.27
C) 2.05% compounded daily
Amount =
=102.07
Obviously A is the best deal.