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borteleto borteleto
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6 years ago
Last National Bank is offering you a loan at 10%; payments on the loan are to be made monthly. Credit Onion is offering you a loan where payments are to be made semiannually; the rate on the loan is also 10%. Local Bank down the street is also offering a loan at 10% where the payments are made quarterly. Which loan has the lowest annual cost?
A) Last National Bank's loan
B) Local Bank's loan
C) Credit Onion's loan
D) All of the loans will have the same annual cost.
Textbook 
Foundations of Finance

Foundations of Finance


Edition: 9th
Authors:
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Marc18Marc18
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6 years ago
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borteleto Author
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#2
6 years ago
Smart ... Thanks!
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