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OpenStudy (anonymous):
NSW bank offers loan at 9% p.a. with an interest-free period of 3 months, whie Sydney Bank offers loans at 7% p.a. Compare these loans on an amount of $5000 over 3 years and state which bank offers the best loan and why. -Please answer with working out to a 12th grade level thanks a bunch!
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OpenStudy (anonymous):
simple or compound
OpenStudy (anonymous):
This is reducible interest.
OpenStudy (anonymous):
The topic is loan repayments and requires the use of series to solve it.
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