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August 1, 2014

Homework Help: Math

Posted by Nieda on Thursday, September 15, 2011 at 9:38am.

Mr. Nielson wants to borrow $1,000 for 2 years. He is given the choice of
i) simple interest at 12%, or
ii) a loan at 10% compounded monthly.
Which loan results in less interest due ?

b) What interest rate compounded quarterly will give an effective interest rate of 7% ?

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