Question

Suppose you need to borrow money. Bank X charges 10.000% compounded monthly on its loans; Bank...

Suppose you need to borrow money. Bank X charges 10.000% compounded monthly on its loans; Bank Y charges 10.300% semiannually; Bank Z charges 10.550% compounded annually. Which bank is best for you?
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Effective Interest šate Bank x Baty Banky Bank Ell-(cts for 20.309 10:55%. = Citolohu 2 = 10.477 Bank y has lowest rate Bank

Add a comment
Know the answer?
Add Answer to:
Suppose you need to borrow money. Bank X charges 10.000% compounded monthly on its loans; Bank...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT