Giving 25 points and brainliest for this! answer correctly if you know it!
a bank advertises an apr of 5.5% on personal loans. how much more is the apy when the rate is compounded monthly as compared to when it's compounded quarterly? explain your answer.

The formula to calculate APY is (1 + (i/n))^n - 1

where i is the interest rate and n is the number of compounding periods.

Monthly APY = (1 +(0.055/12)^12 -1

APY = 0.0564 = 5.64%

Quarterly APY =  (1 +(0.055/4)^4 -1

APY = 0.0561 = 5.61%

Difference = 5.64 - 5.61 = 0.03% more when compounded monthly.

The APY is more when compounded monthly, because there are more compound periods.

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step-by-step explanation:

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