Part I: Describe how the account balance of a savings account earning simple interest is determined.

Part ll: Explain the difference between a savings account earning simple interest and a savings account earning compound interest.

Part Ill: Which type of savings account would you open and why?

Question

02-09-2020
Mathematics

contestada

Part I: Describe how the account balance of a savings account earning simple interest is determined.

Part ll: Explain the difference between a savings account earning simple interest and a savings account earning compound interest.

Part Ill: Which type of savings account would you open and why?

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pak48a9er5 pak48a9er5 · Answer 1 · 2020-09-03T18:13:25+02:00

Answer:

part 1: You start with an annual "simple interest rate," which is the percentage of the principal balance your money earns each year. ... Add the daily interest earned to the balance.

part 2: Simple interest is based on the principal amount of a loan or deposit. In contrast, compound interest is based on the principal amount and the interest that accumulates on it in every period.

part 3: a compound interest account and here's why. When it comes to investing, compound interest is better since it allows funds to grow at a faster rate than they would in an account with a simple interest rate

Step-by-step explanation:

Part I: Describe how the account balance of a savings account earning simple interest is determined. Part ll: Explain the difference between a savings account earning simple interest and a savings account earning compound interest. Part Ill: Which type of savings account would you open and why?

Respuesta :

Otras preguntas

Part I: Describe how the account balance of a savings account earning simple interest is determined.

Part ll: Explain the difference between a savings account earning simple interest and a savings account earning compound interest.

Part Ill: Which type of savings account would you open and why?