Question: You need to borrow $ 1 0 0 0 . Bank A will lend you the money at 5 % interest, compounded annually, whereas Bank

You need to borrow $1000. Bank A will lend you the money at 5% interest, compounded annually, whereas Bank B will lend you the money at 5% interest, compounded monthly. Bank B also offers you a free cell phone, valued at $100, if you do business with them. What is the closest answer to the longest duration of the loan for which Bank B would be a etter choice?
a.10 years
b.15 years
c.20 Years
25 years
You need to borrow $1000. Bank A will lend you the

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