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2 years ago

8

hello are anyone there with free time on there hands i need friends and dont go if i dont answer because my mom is well a mom an

d is kinda strict sooooooo yeah DONT LEAVE REMEMBER THAT : )

2 answers:

Brut [27]2 years ago

8 0

Hehe ok I guess
Jakajakkasshaaa

Troyanec [42]2 years ago

5 0

Answer:

ello

Explanation:

I'll be your fren if that's what cha asking :^

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Answer:

The First Bank loan has an effective rate of 7.98 percent.

Explanation:

we calcualte the effective rate for both loand and check which statement is correct.

<u>First bank:</u>

$(1+\frac{0.077}{12} )^{12} = 1 + r_e$

$(1+\frac{0.077}{12} )^{12} - 1 = r_e$

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<u>Second bank:</u>

$(1+\frac{0.074}{365} )^{365} = 1 + r_e$

$(1+\frac{0.077}{365} )^{365} - 1 = r_e$

1.076798729 - 1 = 0.076798729 = 7.68%

Notice tthis isthe effective rate not the annual percentage rate.

So only the statement abour the first bank effectibe rate is true.

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