Mathematics, 18.03.2021 03:10 lilyella1004
Group 1 yearly (once a year)
Group 2 monthly (once a month) : annual interest rate divided by 12
Group 3 bimonthly (twice a month): annual interest rate divided by 24
Group 4 biweekly (after every two weeks): annual interest rate divided by 26
Group 5 weekly (once a week): annual interest rate divided by 52
Group 6 daily: annual interest rate divided by 365
Determine how much interest a bank would earn on a loan of $1000 for 10 years if the annual interest rates of 5%, 10% and 20% with compound interest that is compounded daily, weekly, biweekly, bimonthly, monthly, or yearly
Answers: 3
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Group 1 yearly (once a year)
Group 2 monthly (once a month) : annual interest rate divided by 12
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