Asked by fatima
Ali needs to borrow Rs 500,000 for three years. Which of the following option is more beneficial for him?
(i) 3.2 % simple interest rate
(ii) 1.6% compound interest rate when it is compounded semi annually
(i) 3.2 % simple interest rate
(ii) 1.6% compound interest rate when it is compounded semi annually
Answers
Answered by
Steve
since the rates per period are the same, simple interest is less than compound interest.
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