ApollineD549438 ApollineD549438

03-11-2022
Mathematics

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Declan plans on trying to build up his credit rating by taking out a loan for$2500 and then paying it back after 6 months. If he's trying to pay the leastamount of interest, which of the following two options should he select?(a) Take a loan at 5.65% interest compounded continuously? OR(b) Take a loan at 5.7% compounded daily? (Use 365 for the number of daysin a year.)

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