Answer
You will pay at the end of the academic year in both cases because you can earn 1,000 in interest on 10,000 whether you borrow 10,000 now or keep your own 10,000 in the bank
Work Step by Step
Conceptual Question. No Work.
Economics: Principles, Problems, and Policies, 19th Edition
by McConnell, Campbell R.; Brue, Stanley L.; Flynn, Sean M.
Published by
McGraw-Hill Education
ISBN 10:
0073511447
ISBN 13:
978-0-07351-144-3
Chapter 14 - Rent, Interest, and Profit - Questions - Page 310: 8
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