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Assignment: Selecting the better financing option Learning Outcomes: Calculating the internal rate of return of a proposed investment Establishing equivalence between present amounts and uniform series of payments Comparing alternatives on a level playing field Due Date: ASAP if hoping to avoid taking Exam 4 otherwise December 22 The Situation: You are in need of a new washer and dryer and the set you would like costs $1,600. You do not have access to enough cash to pay for the washer and dryer in full at time of purchase and are exploring your financing options. You have seen the following advertisement on television: GE APPLIANCES 4.5 cu. ft. HE Top Load Washer & 7.4 cu. ft. Electric Dryer SKU: COGESEL Own It In 24 months, No Credit Needed! Monthly Payment $99.99/mo. $10.00 Today's Payment Delivery & Setup 1 FREE Service & Repair INCLUDED START MY LEASE Help? Live Chat 877-496-1609 Delivery Location 18940 Change What's Included: Washer(1), and Electric Dryer(1) You are selecting an electric dryer Be sure you dont have a connections Paying $100 a month will work with your budget. You also have that emergency credit card in your wallet that charges 24% annually compounded monthly. Which of these two methods of financing would be your best option? Your Mission: Evaluate the two financing options and decide which one is better for you. Include the following in your report: 1. The decision criteria you used to make your decision (such as effective interest rate). 2. The calculation of your decision criteria for cach alternative. 3. The decision you made and why you made it. 4. Any assumptions you felt you needed to compare the alternatives. Submission Requirements: Submit your report by emailing or printing a Word document. If you choose to make your calculations using Excel, email or print the corresponding Excel file. Evaluation Method: The following rubric will be applied to evaluate your submission: Points O pts Decision criteria are absent or not stated clearly. Learning Activity Rubric - Selecting the better financing option Criteria Ratings 5 pts 3 pts Selection of An appropriate Financial criterion decision criteria financial based selected is not decision criterion is suitable for this identified analysis. 5 pts 3 pts Evaluation of Calculation of financial Calculation of alternatives with criterion clearly financial criterion not respect to documented and free easy to follow (not financial of error for each well documented) or criterion alternative. contains small errors. 5 pts 3 pts Decision and Decision is clearly Decision is not clearly justification stated and supporting stated or supporting argument is well argument is not thought out and present. supported. O pts Calculations not provided or with severe errors. O pts Decision is not present. Total Points: 20