Mathematics, 20.02.2020 06:53 deborah0
A swim school is expanding and needs to take out a one-year, $55,000 loan for a new lap pool. Bank A says it can give the swim school a 25% annual interest rate compounded once. This is represented with the equation A=55,000(1.25)t. A = 55,000 ( 1.25 ) t . Bank B says it can offer the swim school a semi-annual interest rate that will be compounded twice. In order for the loan at Bank B to cost the swim school the same amount, what APR would Bank B need to offer?
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A swim school is expanding and needs to take out a one-year, $55,000 loan for a new lap pool. Bank A...
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