What is the difference in the cost of the loan

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Reference no: EM131200674

Repeat Example 16.3 using the Excel spreadsheet FV function to determine the cost of borrowing $3,000 on a credit card for 1 years at 28 percent compounded monthly.

Example 16.3

Repeat Example 16.1 using the Excel spreadsheet future worth function, FV.

Example 16.1

You wish to borrow $100,000 for 10 years at 5.0 percent annual interest. What is the difference in the cost of the loan if it is compounded yearly, monthly, or daily?

Reference no: EM131200674

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