Mathematics, 28.11.2019 14:31 christianhernan2
Alan writes the equation a=500(1.25)t to figure out how much it will cost him for a one-year loan of $500 with an interest rate of 25% compounded only once. he wants to determine the annual percentage rate (apr) for a loan that would cost the same amount overall, if it is compounded monthly, instead of only once.
which equation should he use, and what is the apr?
Answers: 1
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Alan writes the equation a=500(1.25)t to figure out how much it will cost him for a one-year loan of...
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