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17 August, 18:43

The annual interest rate on a loan is 10% which can be represented using the expression 1.10t. Write an expression that represents the quarterly interest rate.

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  1. 17 August, 18:57
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    Given that the interest rate is 10% which can be represented by 1.10t, the quarterly interested rate will be represented as follows:

    annual rate=10%

    quarterly rate=10/4=2.5%=0.025

    given time t, this will be represented as:

    (1+0.025) t

    =1.025t
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