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Romashka-Z-Leto [24]
2 years ago
8

Stephanie has $42,750 in student loans at a 6% compound interest

Mathematics
1 answer:
jek_recluse [69]2 years ago
8 0

Answer:

You first take the annual interest rate on your loan and divide it by 365 to determine the amount of interest that accrues on a daily basis. Say you owe $10,000 on a loan with 5% annual interest. You'd divide that rate by 365 (0.05 ÷ 365) to arrive at a daily interest rate of 0.000137.

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