What is the difference in the cost of the loan

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Reference no: EM131200651

Rework Example 16.1 for a $15,000 loan at a 10% annual interest.

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: EM131200651

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