Question: You have a choice of borrowing money from a finance
You have a choice of borrowing money from a finance company at 24 percent compounded monthly or borrowing money from a bank at 26 percent compounded annually. Which alternative is the most attractive?
Answer to relevant QuestionsBased on effective interest rates, would you prefer to deposit your money into Springfield National Bank, which pays 8.0 percent interest compounded annually, or into Burns National Bank, which pays 7.8 percent compounded ...Mr. Bill S. Preston, Esq., purchased a new house for $80,000. He paid $20,000 up front on the down payment and agreed to pay the rest over the next 25 years in 25 equal annual payments that include principal payments plus 9 ...Upon graduating from college 35 years ago, Dr. Nick Riviera was already planning for his retirement. Since then, he has made deposits into a retirement fund on a quarterly basis in the amount of $300. Nick has just completed ...You plan to buy some property in Florida five years from today. To do this, you estimate that you will need $20,000 at that time. You would like to accumulate these funds by making equal annual deposits in your savings ...Find the future value at the end of Year 10 of an annuity that pays $1,000 per year for 10 years compounded annually at 10 percent. What would be the future value of this annuity if it were compounded annually at 15 percent?
Post your question