conect FINANCE al Review Questions (ch. 2,3, 5) Question 30 (of 30) Jarom lent C

Question

conect FINANCE al Review Questions (ch. 2,3, 5) Question 30 (of 30) Jarom lent Christina $3,000 five years ago and earns a fixed 3 percent interest rate each perlod on the loan. Which one of the following results in higher total Interest on the loan over the course of one year? Getting charged simple Interest over the year instead of compound interest 0 Having compounding penodsof One year. There can be no difference over the year if the interest rate per period is fed at 3% The rate must also be 3% annually. O Having compounding penods of one week O Having compounding periods of one month.

Explanation / Answer

Having compounding periods of one week would result in higher total interest

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.