Mathematics, 25.10.2019 03:43 kortlen4808

Phil borrows $4000, which he intends to repay fully in a lump sum after 2 years. the annual interest
rate and compounding period for five different compound interest loans are given below
• loan 1 – 11.5% per annum, compounding weekly
• loan 2 – 13.2% per annum, compounding weekly
• loan 3 – 11% per annum, compounding weekly
• loan 4 – 12.6% per annum, compounding quarterly
• loan 5 – 11% per annum, compounding monthly
when fully repaid, the loan that will cost phil the least amount of money is
a. loan 1
b. loan 2
c. loan 3
d. loan 4
e. loan 5

for this question the answer is e. i'm trying to find the solution for that answer

Answers: 1

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Phil borrows $4000, which he intends to repay fully in a lump sum after 2 years. the annual interest...