3) Let's review the compound interest calculation. Assume you borrow $10,000 and return it with interest...

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3) Let's review the compound interest calculation. Assume you borrow $10,000 and return it with interest after 5 years and the interest rate is 6% annually. a) Calculate how much you return (the principal and interest) in the case of, i) simple interest, ii) compound interest annually, iii) compound interest monthly, iv) compound interest daily. b) If you return equal amount (the principal and interest) monthly for 5 years, what is the amount? Assume compound interest monthly. 3) Let's review the compound interest calculation. Assume you borrow $10,000 and return it with interest after 5 years and the interest rate is 6% annually. a) Calculate how much you return (the principal and interest) in the case of, i) simple interest, ii) compound interest annually, iii) compound interest monthly, iv) compound interest daily. b) If you return equal amount (the principal and interest) monthly for 5 years, what is the amount? Assume compound interest monthly.

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Lets calculate the total amount returned for each scenario Given values Principal P 10000 Interest r... View the full answer