Imagine that you lend $5,000 to a friend at 7%, and say, Pay me back when you
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Imagine that you lend $5,000 to a friend at 7%, and say, "Pay me back when you get a job." Five years later, your friend gets a job and pays you back. Your friend assumed that you meant simple interest, but you had assumed the interest would be compounded annually. What is the difference between the total simple interest and the total compound interest?
Related Book For
Introduction To Leadership Concepts And Practice
ISBN: 9781544351599
5th Edition
Authors: Peter G Northouse
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