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

Answers

Answered by Steve
since the rates per period are the same, simple interest is less than compound interest.
There are no AI answers yet. The ability to request AI answers is coming soon!

Related Questions