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Mathematics, 25.10.2019 03:43, kortlen4808
Phil borrows $4000, which he intends to repay fully in a lump sum after 2 years. the annual interest
rate and compounding period for five different compound interest loans are given below
β’ loan 1 β 11.5% per annum, compounding weekly
β’ loan 2 β 13.2% per annum, compounding weekly
β’ loan 3 β 11% per annum, compounding weekly
β’ loan 4 β 12.6% per annum, compounding quarterly
β’ loan 5 β 11% per annum, compounding monthly
when fully repaid, the loan that will cost phil the least amount of money is
a. loan 1
b. loan 2
c. loan 3
d. loan 4
e. loan 5
for this question the answer is e. i'm trying to find the solution for that answer
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Answers: 1
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Phil borrows $4000, which he intends to repay fully in a lump sum after 2 years. the annual interest...
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