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aangelloz aangelloz
  • 16-02-2017
  • Business
Answered

Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?

AAnnual Compounding
BSemi-Annual Compounding
CMonthly Compounding
DDaily Compounding

Verified Answer :

antonsandiego
antonsandiego antonsandiego
  • 24-02-2017

In my view the most suitable option is a. Annual Compounding. Here's the formula, how to count compound interest:  \(P [(1 + i)^n - 1]\)

P - principal
i - nominal annual in %
n - overall compounding period.

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