Question #10 A bank says that it charges 15% annually on its loans and that the loan is compounded monthly. Based on a $10,000 loan, complete the following table for a bank that actually charges 15% annually and for one that does not, but uses the compound interest formula. (Assume no payments are made. ) Actual 15% annual percentage rate Advertised 15% annual percentage rate Write an equation to represent the amount owed after x years What rate is charged each month? How much would be owed in 10 years?
