When calculating a loan’s effective rate, if the interest compounds every two months, what value of n do you plug into your eq
1 answer:
The loan's effective rate and interest compound every two months then the value of n would be 6.
Given that,
When calculating a loan's effective rate, the interest compounds every two months.
We have to determine,
What value of n do you plug into your equation?
According to the question,
The calculation of compounded interest would be derived with the following formula:
In a year there are 12 months and when the interest rate is said to be compounded every two months then it implies that the number of months would be 6 months.
Then,
The value of n is,
Hence, The loan's effective rate and interest compounds every two months then the value of n would be 6.
For more details, about Interest Rate refers to the link given below.
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