Sheldon C. Bank offers you a $21,000, 6-year term loan at 8 percent annual interest. What is the amount of your annual loan payment? 2. Would you prefer a savings account that paid 7% interest, compounded quarterly, over an account that paid 7.5% with annual compounding if you had $1,000 to deposit? Would the answer change if you had

Sep 8, 2023

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Sheldon C. Bank offers you a $21,000, 6-year term loan at 8 percent annual interest. What is the amount of your annual loan payment? 2. Would you prefer a savings account that paid 7% interest, compounded quarterly, over an account that paid 7.5% with annual compounding if you had $1,000 to deposit? Would the answer change if you had
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