An advertising company is purchasing a new industrial-sized color printer. The company has been approved for a
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An advertising company is purchasing a new industrial-sized color printer. The company has been approved for a $75,000 loan at two different banks. The terms of each loan are: Offer 1: 2.99% annual simple interest, with a total account balance of $81,353.75 after a 34-month term Offer 2: 1.5% annual interest compounded monthly for a 38-month term Assuming no payments are made, what is the difference in the account balances at the end of the loan terms. Round your answer to the nearest penny.
Related Book For
Fundamentals Of Financial Management
ISBN: 9780273713630
13th Revised Edition
Authors: James Van Horne, John Wachowicz
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