The answer is 8.5% interest compounded daily.
EXPLANATION
Regardless of your rate, the more often interest is paid, the more beneficial the effects of compound interest.
A daily interest account, which has 360 compounding periods a year, in this case, will generate more money than an account with an annual compounding, which has one compounding period per year.
Answer:
2x
Step-by-step explanation:
10x/5 is the same as 1/5 times 10x.
Simplify to get 2x
Answer: I know 12 is right
Step-by-step explanation:
Answer:
PV= Max Loan amount = PMT*B(i,T) and PMT = 1200. Calculate B(i,T) = B(6%/12, 360)
=(12/.06)(1-(1/(1.005))360) I will let you complete the calculation
Step-by-step explanation:
691 = A+ S
A=S+59
691 = S+59+S
691=2S+59
691-59 = 2S +59 -59
632 = 2S
316= S
