A friend asks to borrow 50 from you and in return will pay, Finance Basics

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A friend asks to borrow 50 from you and in return will pay

Question: A friend asks to borrow $50 from you and in return will pay you $53 in one year. If your bank is offering a 5.8% intrest rate on deposits and loans:

a) how much would you have in one year if you deposited the $50 instead?

b) how much money could you borrow today if you pay the bank $53 in one year?

c) should you loan the money to your friend or deposit it in the bank?

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Finance Basics: A friend asks to borrow 50 from you and in return will pay

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