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You need to purchase an item that cost $10,000 and the lending institution is offering...

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Finance

You need to purchase an item that cost $10,000 and the lending institution is offering you a simple interest loan at 12%year for a period of 5 year or a compound interest loan at 8% year compounded monthly for a period of 4years. Which loan would you accept and why?(be sure to show mathematically) what would the monthly payment be for each load?

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