Essay
Compound Frequency Say that you own a small business,which you plan to expand.Your expansion plans include borrowing $100,000 from the bank with a five-year,amortized loan.The bank has given you three loan choices:
Annual payments at 8.85 percent APR
Quarterly payments at 8.75 percent APR
Monthly payments at 8.65 percent APR
Correct Answer:
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Annual EAR = 8.85 percent
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Correct Answer:
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