You wish to borrow money to pay for your next entrepreneurial activity. The lender offers you two

Question:

You wish to borrow money to pay for your next entrepreneurial activity. The lender offers you two repayment schemes. The going market interest rate is 10% per annum.

Scheme 1: Equal repayments of $850 each year for the next 15 years.

Scheme 2: Payments starting at $1500 in the first year and reducing by $100 each year.

Which is the better scheme?

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