A few days ago
interest rate?
principle of a student loan is 25.000 usd. The interest rate is 8 percent p.a. What will be the outstanding balance after 5 years if interest rate is compounded
a)annually
b)semi-annually
c)monthly
d)daily(365)
e)continously
Top 1 Answers
A few days ago
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Okay, you’ve typed in your homework question. Now, where do you need *help*? Doing the entire problem for you would be cheating.
Your textbook and class notes contain equations for handling these cases. The first four use the equation for discrete interest, with 1, 2, 12, and 365 periods in the year, respectively. The interest rate per period is … well, you should be able to get that part.
“Continuously” uses the equation with epsilon (that 2.718… number) raised to a power.
Does that get you in the direction of a solution?
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