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Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest? ASemi-Annual Compounding BAnnual Compounding CDaily Compounding DMonthly
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Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?

ASemi-Annual Compounding
BAnnual Compounding
CDaily Compounding
DMonthly Compounding

User Johannchopin
by
8.2k points

1 Answer

2 votes
Unless the bankers are serious money moochers, the lowest interest (In Total Amount) will be:
C. Daily Compound
This is the most likely because the more time you take to pay your debt the more you have to pay in interest.
User Stefano Cordio
by
8.9k points
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