Compare with the cost of short-term bank loans

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1. You are borrowing $5,330 to buy a car. The terms of the loan call for monthly payments for 5 years at a 5.00 percent interest compounded monthly. What is the amount of each payment?

$98.75

$100.32

$100.58

$77.83

$78.38

2. Class, what is trade credit? Please provide an example. How does the cost of costly trade credit generally compare with the cost of short-term bank loans?

Reference no: EM131936624

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