An interest rate on a consumer loan of 1.5% is most apt to be a(n)________ interest rate.
a) daily
b) weekly
c) monthly
d) annual
2007-04-30 08:53:12 · 5 answers · asked by Anonymous in Education & Reference ➔ Homework Help
Probably C, but I'm not sure
2007-04-30 09:01:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is not a true math problem, ( no set rule for working it out). This is a life experience problem. And a deduction problem. !.5% daily is illegal, 1.5% weekly is excessive and possible illegal, 1.5% monthly is actually 20% annually, finally 1.5% annually would not allow the loaner to make a fair return on his investment. Be careful, and good luck
2007-04-30 16:06:41 · answer #2 · answered by T C 6 · 0⤊ 0⤋
1.5% monthly would be an annual rate of 18% which is kinda high but the most likely answer
2007-04-30 16:02:00 · answer #3 · answered by BobbyR 4 · 0⤊ 0⤋
If a credit card loan, it would be monthly c)
2007-04-30 16:02:18 · answer #4 · answered by Robert L 7 · 0⤊ 0⤋
I would guess monthly, but I'm not positive. Good luck!
2007-04-30 16:01:28 · answer #5 · answered by Jenny007 2 · 0⤊ 0⤋