If you were to invest your money, which term will you use to compute for the interest in your investment: exact or approximate time? Justify your answer in one sentence.

2. If you're borrowing money, which type of interest would save you more money if the interest rate and time for loans are exactly the same? Explain your answer in one sentence.

Question

16-02-2022
Mathematics

contestada

If you were to invest your money, which term will you use to compute for the interest in your investment: exact or approximate time? Justify your answer in one sentence.

2. If you're borrowing money, which type of interest would save you more money if the interest rate and time for loans are exactly the same? Explain your answer in one sentence.

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-02-21T15:18:50+01:00

The term that can be used by the person to compute the interest in the investment will be simple interest.

What is simple interest?

It should be noted that simple interest simply means the interest that is charged on a loan.

The simple interest is gotten by multiplying the daily interest rate by the principal. When one borrows money.

Also, the type of interest that would save you more money if the interest rate and time for loans are exactly the same is a compound interest.

Learn more about simple interest on:

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