Joy is taking out a car loan which she will pay back with interest. Which option will require her to pay the lowest amount in interest?
ASemi-Annual Compounding
BAnnual Compounding
CDaily Compounding
DMonthly Compounding
Unless the bankers are serious money moochers, the lowest interest (In Total Amount) will be: C. Daily Compound This is the most likely because the more time you take to pay your debt the more you have to pay in interest.
