Mathematics, 09.01.2021 06:20 Gillo34
Al needs to borrow $15,000 to buy a car. He can borrow the money at 6.7% simple interest for 5 yr or he can borrow at 6.4% interest compounded
continuously for 5 yr.
a. How much total interest would Al pay at 6.7% simple
interest?
b. How much total interest would Al pay at 6.4% interest compounded continuously?
c. Which option results in less total interest?
Answers: 2
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Al needs to borrow $15,000 to buy a car. He can borrow the money at 6.7% simple interest for 5 yr or...
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