Question
You need to borrow $1,000,000 for your business venture and will pay it back in equal monthly installments over a ten year period. You have
You need to borrow $1,000,000 for your business venture and will pay it back in equal monthly installments over a ten year period. You have the following rate offerings from various lenders.
- Bank of Bloomington offers you an annual rate of 8.0% compounded monthly.
- Bank of Indiana offers you an annual rate of 8.0% compounded daily.
- Bank of America offers you an annual rate of 8.0% compounded quarterly.
- Global Bank offers you an annual rate of 8.0% compounded semi-annually.
Which of these banks is offering you the lowest cost loan?
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Meetings Expositions Events And Conventions An Introduction To The Industry
Authors: George Fenich
5th Edition
0134735900, 9780134735900
