Question
Claire needs to borrow $6000 to pay for NHL season tickets for her family. She can borrow from a finance company (at 2.77% add-on interest
Claire needs to borrow $6000 to pay for NHL season tickets for her family. She can borrow from a finance company (at 2.77% add-on interest for 4 years) or she can borrow from a credit union (48 monthly payments of $140.23 each). Find the APR for each loan using a TVM solver, and decide which one is Claire's better choice.
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Foundations Of Financial Markets And Institutions
Authors: Frank J Fabozzi, Franco G Modigliani, Frank J Jones
4th Edition
0136135315, 978-0136135319
