Solved: Which of the two loan offers will aton choose, Finance Basics

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Which of the two loan offers will aton choose

Problem:

Aton can choose from two loan offers: $12,000 at 8% simple interest for 9 months, or a $12,000 9-month discounted loan at 7% discount. Based on the actual interest paid and the true rate on the discounted loan, which of the two loan offers will Aton CHOOSE? Explain your answer.

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Finance Basics: Which of the two loan offers will aton choose

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Finance Basics: Which of the two loan offers will aton choose

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