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

Finance

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 8% compounded daily or from a bank at an APR of 9% compounded quarterly. Which alternative is more attractive?

a- If you borrow $100 from a finance company at an APR of 8% compounded daily for 1 year, how much do you need to payoff the loan?.........$ (Round to the nearest cent)

b- If you borrow $100 from a bank at an APR of 9% compounded quarterly for 1 year, how much do you need to payoff the loan?...........$ (Round to the nearest cent)

c- Based on the findings in parts (a) and (b), which alternative is more attractive? The loan from the bank or the loan from the finance company?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92689716

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