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Youappliedforamortgageof$60000topurchaseanewhome.Thebankrequirethatyoupayannualamountsof$7047.55attheendofeachyearforthenext20years.Determinetheinterestrate? If you had a choice between obtaining a loan from bank A & bank B where loan rate % compounded monthly Loan rate .25%
- Youappliedforamortgageof$60000topurchaseanewhome.Thebankrequirethatyoupayannualamountsof$7047.55attheendofeachyearforthenext20years.Determinetheinterestrate?
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- If you had a choice between obtaining a loan from bank A & bank B where loan rate % compounded monthly Loan rate .25% compounded semi-annually, which loan would be chosen?
Show workings or explain the reason for choosing one or the other
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CFIN
Authors: Scott Besley, Eugene Brigham
5th edition
1305661656, 9781305888036 , 978-1305666870
