rate of Interest (R)
Answers
Answered by
2
Answer:
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed
Answered by
2
☆ANSWER☆
The more often compounding occurs, the higher the effective interest rate. where "i" is the effective annual interest rate, "r" is the nominal annual interest rate, and "m" is the number of compounding periods per year. Example: A credit card company charges 21% interest per year, compounded monthly
HOPE YOU'RE SATISFIED WITH MY ANSWER
MARK ME AS BRAINLIEST
Similar questions