Jacob wishes to borrow $80,000 from his bank, J.P Morgan, in other to expand his business. J.P Morgan agrees to lend him
Posted: Sun Jul 03, 2022 12:57 pm
Jacob wishes to borrow $80,000 from his bank, J.P Morgan, in other to expand his business. J.P Morgan agrees to lend him the money over a 5 year term at an APR of 8% and will accept either annual, quarterly, or monthly payments with no change in the quoted APR. calculate the periodic payment under each alternative and compare the total amount paid each year under each Option. Which period should Jacob choose and why? show your calculations using a formula