Interest rates on mortgages are lower because the home is <span>collateral</span>
Answer:
the answer depends on which type of interest we use:
- simple interest rate = 24%
- compound interest rate = 26.82%
Step-by-step explanation:
the interest rate paid for holding the cards one month 1/50 or 2%.
to convert 2% monthly interest rate to a simple annual rate:
monthly rate x 12 months = 2% x 12 = 24%
now to convert 2% monthly interest rate to an annual rate (using compound interest):
- = (1 + r)ⁿ - 1
- = (1 + 0.02)¹² - 1 = 1.2682 - 1 = 0.2682 or 26.82%
in compound interest, earned interest earns even more interest by itself besides the interest earned by the principal.
Answer:
Option C, y = -1/3x + 2
Step-by-step explanation:
2x + 6y = 12
<u>Step 1: Solve for y</u>
2x + 6y - 2x = 12 - 2x
6y / 6 = (12 - 2x) / 6
y = 2 - 1/3x
Answer: Option C, y = -1/3x + 2
Answer:
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Step-by-step explanation:
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