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Warm Up U1 D15

Last updated over 6 years ago

3 questions

Note from the author:

Interest Rate

1

Question 1

1.

Which is a better investment? An APR of 3.37% compounded quarterly or 3.0% compounded daily?
WHY?

1

1

Question 3

3.

How much will you owe?

Question 2

2.

You are a little short of cash this month and get a loan from "ACE Cash Express". They offer you a loan till you next pay check in 21 days, so you borrow $250. NOTE: these are actual rates I got off their website!!!

What is the efective rate for this loan?