Joanie takes a $6000 loan to pay for her car. The annual interest rate on the loan is $12%. She makes no payments for 4 years, but has to pay back all the money she owes at the end of 4 years. How much more money will she owe if the interest compounds quarterly than if the interest compounds annually?
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Home » Business » Joanie takes a $6000 loan to pay for her car. The annual interest rate on the loan is $12%. She makes no payments for 4 years, but has to pay back all the money she owes at the end of 4 years.