Bryan buys a new washer/dryer set worth $3996. His first option is to pay for the appliances
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Bryan buys a new washer/dryer set worth $3996. His first option is to pay for the appliances on his personal (unsecured) line of credit and pay it back after 6 months. His second option is to use a secured line of credit and pay it back in 9 months. The unsecured line of credit charges a rate of prime (3%) plus 2%, and the secured line of credit charges a rate of prime plus 0.5%. What is his best option?
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The best option for Bryan is to use the secured line of cre...View the full answer
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Related Book For 
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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