Question
You need a loan in the amount of $10,000 with a repayment period of 5 years. You did some market research, and it seems that
You need a loan in the amount of $10,000 with a repayment period of 5 years. You did some market research, and it seems that you have two options as follows:
Pay $3,000 per year at BMO or
Pay 15,000 at the end of the 5-year period at CIBC. What option is better. The interest/discount rate is 10% at both banks.
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Human Resource Management
Authors: Robert L. Mathis, John H. Jackson
13th Edition
053845315X, 978-0538453158
