My Sister borrowed $1500 from her vivacity insurance at an interest rate of 6.5% how much will she foot annually?
The Insurance agent told her the interest accumulates daily however she will be billed once a year and she lone has to pay on the interest. How much will she money annually?
"> Assuming that the 6.5% is an annual percentage rate (APR), and it's compounded daily, then she will really be paying an impressive rate of:
(.065 / 365 + 1)^365 - 1 = 6.72%
Thus, she is actually paying 6.72% in efficient interest per year. On a $1500 balance, her annual interest payments will equal:
1500 * .0672 = $100.73
Related Questions:
"> Assuming that the 6.5% is an annual percentage rate (APR), and it's compounded daily, then she will really be paying an impressive rate of:
(.065 / 365 + 1)^365 - 1 = 6.72%
Thus, she is actually paying 6.72% in efficient interest per year. On a $1500 balance, her annual interest payments will equal:
1500 * .0672 = $100.73
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