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Bank North advertises We pay 6.5%, compounded daily. Bank South advertises, We pay 6.5%, compounded continuously. If you deposit$10,000 with Bank South for one year, how much additional interest will you receive?

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019
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Related questions

Assume you plan to invest $10,000 at one of the following interest rates. Order the interest rates in declining order of the amount of interest they would provide in one year (e.g., Choose A for the highest return, B for second highest, etc).

11.98% compounded continuously

12.03% compounded annually

12.00% compounded daily

12.02% compounded quarterly

12.01% compounded Monthly

One of the largest car dealers in the city advertises a 3-year-old car for sale as follows. Cash price $13,750, or a down payment of $1375 with 45 monthly payments of $361.23. Sharon bought the car and made a down payment of $2000. The dealer charged her the same interest rate used in his advertisement.

1. What is the monthly interest rate?

2. How much will Sharon pay each month for 45 months?

Ā 

Ā 

One of the largest car dealers in the city advertises a 3-year-old car for sale as follows. Cash price $13,750, or a down payment of $1375 with 45 monthly payments of $361.23. Sharon bought the car and made a down payment of $2000. The dealer charged her the same interest rate used in his advertisement. What is the monthly interest rate? How much will Sharon pay each month for 45 months? What effective interest rate is being charged?Ā 

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