Problem $3$: Loan Sharks

You have received a post$-$dated check of $$10,000$ that is payable in $2$ years for a project you completed in the Fall. Unfortunately, you need the money right now, so you visit your local loan shark, who is happy to cash$-$advance your check for the friendly discount rate of either $25\%$ with annual compounding or $24\%$ with monthly compounding.

How much would you get with the first option?

How much would you get with the second option?

Which option should you choose?