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Business, 20.08.2020 08:01 girlwholikesanime
Tom, Kirk, and Steve are triplets. They all decide to borrow $1,000 today to go on vacation. They will repay their loans, plus all the accrued interest, in one lump sum exactly 1 year from today. Tom borrows his money at 6 percent simple interest. Kirk’s loan is based on 6 percent interest compounded monthly. Steve is charged 6 percent compounded annually. Who pays the most interest? How much more interest does he pay more than his brothers?
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Tom, Kirk, and Steve are triplets. They all decide to borrow $1,000 today to go on vacation. They wi...
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