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The Magic Pumpkin Limousine Company wants to purchase a car entertainment system for one of its automobiles. The entertainment system vendor has offered to finance the $2,000 purchase over one year in 12 installments, with a total of $200 in interest to be paid on the loan. Magic Pumpkin's bank has offered to finance the purchase with an installment loan, where $155 in interest will be repaid and payments on the loan must be made quarterly. What are the effective interest rates on these loans? Which loan should they select?
Investor Relations
A component of corporate communication that involves managing and communicating information between a company and the investment community.
Roles and Responsibilities
The specific duties and expectations associated with a particular job or position within an organization.
Financial Community
Consists of individuals and institutions that participate in the investment, trading, and management of financial assets.
Chief Executive Officer
The highest-ranking executive in a company or organization, responsible for making major corporate decisions, managing operations, and communicating with the board of directors.
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