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satela [25.4K]
4 years ago
13

Three financial institutions, A,B,C, are offering different rates on a loan. Is a offer 3.15 % annual compounded monthly, B offe

rs 2.25% compounded quarterly, C offers 2.05% compounded daily. Determine which of the institutions offers best deal. Explain and make a conclusion.
Mathematics
1 answer:
coldgirl [10]4 years ago
8 0

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 = 100(1+\frac{3.15}{1200} )^{12}

Final amount = 103.20 dollars

B) 2.25% compounded quarterly

Final amt. = 100(1+\frac{2.25}{400} )^4

=102.27

C) 2.05% compounded daily

Amount = 100(1+\frac{2.05}{36500} )^{365}

=102.07

Obviously A is the best deal.

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Hope this helps!

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