You wish to take out a loan for one year in order to pay for your last
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Question:
You wish to take out a loan for one year in order to pay for your last year of college. You figure you will need $ You are given two different options: a loan with a interest rate, with interest compounded only once a year at the end of the year, or a APR loan, with the interest compounded monthly.
Which loan would you prefer: the interest rate loan compounded once a year, or the APR loan with interest compounded monthly?
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
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