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I need to borrow $1000 in a hurry and will pay it back in one year. Its down to 2 choices: a) Borrow from an
I need to borrow $1000 in a hurry and will pay it back in one year. Its down to 2 choices: a) Borrow from an old friend and pay $11 extra each month I keep the money, or
b) Borrow money from a bank at a nominal interest rate of 12% p.a. compounded monthly. Which one will have the lowest payment one year later?
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