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A new piece of equipment costing $340,000 is required. A loc

Paper help Economics A new piece of equipment costing $340,000 is required. A loc

Economics

A new piece of equipment costing $340,000 is required. A loc

A new piece of equipment costing $340,000 is required. A local bank is offering a low interest rate… Show more A new piece of equipment costing $340,000 is required. A local bank is offering a low interest rate of 5.000% compounded daily. The deal is we would pay nothing for 4 yrs and at that time pay accrued interest and principal off in one payment. Another bank is offering 5.4% compounded semiannually with the same payoff terms. Which bank is giving the best deal (ans. Bank1 or Bank2)? If they go with that bank, how many dollars in interest will they pay? • Show less

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