Mathematics, 02.12.2021 03:50 adelawilliams60
HELP
Alf needs to borrow $15,000 to pay for his college tuition. He can borrow the money from his
parents at a rate of 3.55% interest compounded annually for 4 years, or he can borrow from his
local bank at a rate of 3.50% interest compounded continuously for 4 years.
What is the formula to solve both ways?
What is the total amount of money Alf will need to pay back by the end of the 4 years?
What is the interest Alf will have to pay each option by the end of the of 4 years?
Which is the better option for Alf to take?
Answers: 3
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Alf needs to borrow $15,000 to pay for his college tuition. He can borrow the money from his<...
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