FIN 510 Marine Booksellers plans to borrow $2 million for one year at a stated interest

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January 4th, 2018

Marine Booksellers plans to borrow $2 million for one year at a stated interest rate of 8.00%. The company can either pay quarterly installments to retire the loan or accept a discounted interest loan. Which option should it choose?Select one:A. The installment loan, since its effective annual rate of interest is lower.B. The discounted loan, since its effective annual rate of interest is lower.C. Either loan, since both effective annual rates of interest are identical.D. There is not enough information provided to determine effective annual interest rates for both loans.

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