I had 3 payment options:
1. pay everything on 11/15/18 ($3,455.30)
2. pay in 2 payments: $2,327.28 on 11/15/18 and $1,187.39 on 5/15/19
3. pay in 3 payments: $1,187.39 on 11/15/18, 2/15/19 and 5/15/19
I had $10,000 in a bank account with an APR of 6%, compounded monthly. I was deciding between paying the entire property tax ($3,455.30) on 11/15/18 or going with option #3, the 3 equal payments.
Which should I choose? What's the APR that they're charging me on the loan? Assume monthly compounding. (please show steps)
ACCOUNT # :0422160 LAST YEAR'S TAX See back for explanation of taxes marked with () 3,348.75 CURRENT TAX BY DISTRICT U Lane Education Service Dist U Lane Community College U Eugene School District Eugene School District Local Option VALUES AS OF 01/012018 LAST YEAR T REAL MARKET VALUE 141.60 1,086.10 THIS YEAR LAND STRUCTURES TOTAL Education Totals: 98,481 172,460 270,941 98,376 197,389ULane County 1,478.83 292.61 450.45 107.50 698.96 117.79 3.43 1,670.74 295,765River Road Water District M5 SPECIAL River Road Park and Rec LO River Road Park & Rec District Lane County Public Safety LO Lane County 4-H Extension LO ASSESSED VALUE 0 M5 REAL MKT VALUE ASSESSED VALUE EXEMPTIONS 270,941 222,063 295,765 228,725 TAXABLE VALUE22.890 General Government Totals: 222,063 228,725 U Lane Community College Bond U Eugene School District Bond II Bonds-Other Totals: 360.95 412.60 MORTGAGE CO: If a mortgage company pays your taxes, this statement is for your records only TAX PAYMENT OPTIONS See back of statement for paymernt nstuctions) Pay By Discount Ner Amount Due n Full 11115/2018 213 11/15/2018 100873455.30 2018-2019 TAXES BEFORE DISCOUNT 3,562.17 3,455.30 873 TOTAL TAX (After Discount)3, ACCOUNT # :0422160 LAST YEAR'S TAX See back for explanation of taxes marked with () 3,348.75 CURRENT TAX BY DISTRICT U Lane Education Service Dist U Lane Community College U Eugene School District Eugene School District Local Option VALUES AS OF 01/012018 LAST YEAR T REAL MARKET VALUE 141.60 1,086.10 THIS YEAR LAND STRUCTURES TOTAL Education Totals: 98,481 172,460 270,941 98,376 197,389ULane County 1,478.83 292.61 450.45 107.50 698.96 117.79 3.43 1,670.74 295,765River Road Water District M5 SPECIAL River Road Park and Rec LO River Road Park & Rec District Lane County Public Safety LO Lane County 4-H Extension LO ASSESSED VALUE 0 M5 REAL MKT VALUE ASSESSED VALUE EXEMPTIONS 270,941 222,063 295,765 228,725 TAXABLE VALUE22.890 General Government Totals: 222,063 228,725 U Lane Community College Bond U Eugene School District Bond II Bonds-Other Totals: 360.95 412.60 MORTGAGE CO: If a mortgage company pays your taxes, this statement is for your records only TAX PAYMENT OPTIONS See back of statement for paymernt nstuctions) Pay By Discount Ner Amount Due n Full 11115/2018 213 11/15/2018 100873455.30 2018-2019 TAXES BEFORE DISCOUNT 3,562.17 3,455.30 873 TOTAL TAX (After Discount)3
