Jessica wants to put in a water system into her garden. The cost is $3200.00. She...
Jessica wants to put in a water system into her garden. The cost is $3200.00. She wants to keep the monthly payments as low as possible. What option should she choose? What is the disadvantage of her choice?
• Option A: A 2 year amortization at 3.6%
• Option B: A 3 year term at 5.2%
Homework Answers
![Option A: Loan [1-(1/(1+r^n))}/r] 3,200 [(1-(1/(1.003^24)))/0.003 ] $138.39 Monthly payment = pmt = Option B: $96.19 3,200 [(](http://img.homeworklib.com/questions/b87c6ef0-7514-11eb-af28-2f4963f9e545.png?x-oss-process=image/resize,w_560)
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