To make Auto loan look more attractive than they really are, some banks advertise that their rates are higher than their competitor’s rates; however, the some automotive companies says that their rate is a simple interest rate. If a person deposits Php 80 000 at 12 % per year simple interest, what compound interest rate would yield the same amount of money in 3 years? a. 8.03 % per year b. 10.79 % per year c. 7.71 % per year d. 9.13 % per year
To make Auto loan look more attractive than they really are, some banks advertise that their rates are higher than their competitor’s rates; however, the some automotive companies says that their rate is a simple interest rate. If a person deposits Php 80 000 at 12 % per year simple interest, what compound interest rate would yield the same amount of money in 3 years? a. 8.03 % per year b. 10.79 % per year c. 7.71 % per year d. 9.13 % per year
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...
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To make Auto loan look more attractive than they really are, some banks advertise that their rates are higher than their competitor’s rates; however, the some automotive companies says that their rate is a simple interest rate. If a person deposits Php 80 000 at 12 % per year simple interest, what
a. 8.03 % per year
b. 10.79 % per year
c. 7.71 % per year
d. 9.13 % per year
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