I always wonder how you get your problems KWF!If the interest rate is 18% per year, is it possible for the total of the interest payments to be less than $90, or $500 X 0.18?
If yes, why.
I always wonder how you get your problems KWF!
500.00 * .18 = 90.00
499.99 * .18 = 89.9982
So borrow 500 and pay 1 cent when you pick up the loan.......
Sure the total interest can be less than $90. Simply borrow $30. Whether the yearly interest is compounded once per year, twice per year, ... monthly, .... daily, ...hourly or even continuously the interest for SAY 1 year will be less than $90.If the interest rate is 18% per year, is it possible for the total of the interest payments to be less than $90, or $500 X 0.18?
If yes, why.
yes...whatever...
WHY did you ask such a question to start with?
...and my grand-mother runs the mile under 4 minutesI saw this question in a business mathematics textbook....