Jayjeet wants to purchase a car but needs $3,000 to do so. H

Jayjeet wants to purchase a car but needs $3,000 to do so. His uncle Eswar offers to loan him the… Show more Jayjeet wants to purchase a car but needs $3,000 to do so. His uncle Eswar offers to loan him the money at 10 percent compounded yearly. Uncle Shankar offers to loan him the money at 9 percent simple interest. If both loans are to be paid in a lump sum in 5 years, which loan should Jayjeet use? Compute the amount (F) for each loan to be paid at the end of 5 years. Round your answers to 2 decimal places. The tolerance is +/- 0.50. • Show less

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