Interest in Advance versus Interest Paid When Loan Is Due
On July 1, 2008, Moton Company needs exactly $206,400 in cash to pay an existing obligation.
Moton has decided to borrow from State Bank, which charges 14% interest on loans. The loan will
be due in one year. Moton is unsure, however, whether to ask the bank for (a) an interest-bearing
loan with interest and principal payable at the end of the year or (b) a non-interest-bearing loan
due in one year but with interest deducted in advance.
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