Question
A person wanting to borrow $1250 for 15 months is quoted a discount rate of 12.25% at Bank A. Theperson is quoted a simple interest
A person wanting to borrow $1250 for 15 months is quoted a discount rate of 12.25% at Bank A. Theperson is quoted a simple interest rate of 12.25% at Bank B. Bank C quotes the person a compoundinterest rate of 12.25% compounded monthly. As the person's financial advisor, which bank would yourecommend?
What value is owed for each bank?
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I would recommend Bank A Discount Rate based on the information provided Heres a breakdown of why and the calculations for each bank Recommendation Ba...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
