After examining the various personal loan rates available, Ask an Expert

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After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at an APR of 9 percent compounded annually or from a bank at an APR of 10 percent compounded daily. Which alternative is more attractive?

a. If you borrow $100 from a finance company at an APR of 9 percent compounded annually for 1 year, how much do you need to payoff the loan?

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Financial Management, Finance

Category:- Financial Management
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