1. Jack is seeking a loan and the three banks below offer the terms indicated...
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1. Jack is seeking a loan and the three banks below offer the terms indicated for a one-year loan. Bank A: quoted interest rate of 9% compounded quarterly. Bank B: discount interest loan at a rate of 8%. Bank C: Add-on interest loan at 6% interest rate payable monthly over one year. a) which bank should Jack borrow from? b) when lending, banks evaluate borrowers based on the five C's of credit. Describe the five C's of credit
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