drienne needs to borrow $15000. She plans to pay it back after 6 years. Her bank offers her two interest rates for loan. Which rate should she choose and why? (T4 1:9% per year, compounded semi-annually = 2: 8.4% per year, compounded quarterly

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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5. Adrienne needs to borrow $15000. She plans to pay it back after 6 years. Her bank offers her two interest rates for
the loan. Which rate should she choose and why?
(T 4]
Rate 1: 9% per year, compounded semi-annually
Rate 2: 8.4% per year, compounded quarterly
Transcribed Image Text:5. Adrienne needs to borrow $15000. She plans to pay it back after 6 years. Her bank offers her two interest rates for the loan. Which rate should she choose and why? (T 4] Rate 1: 9% per year, compounded semi-annually Rate 2: 8.4% per year, compounded quarterly
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