Compound interest with non annual periods

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Reference no: EM131315998

(Compound interest with non annual periods )After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 6 percent compounded weekly or from a bank at 7 percent compounded monthly.Which alternative is more attractive?

A. If you borrow $100 from a bank at 6 percent compounded weekly for 1year, how do you need to pay off the loan?

B.If you borrow $100 from a bank at 7 percent compounded monthly for 1 year, how do you need to pay off the loan?

Reference no: EM131315998

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