A House Is on Sale in Markham

question 77

Multiple Choice

A house is on sale in Markham. Marlene has an option to pay $575 000 lump sum or pay $6000 at the end of every month for the next 10 years. If money earns 5% compounded monthly, which option has a better economic advantage?

• A) Paying monthly has an advantage of $9312 in PV
• B) Paying lump sum has an advantage of $9312 in PV
• C) Paying monthly has an advantage of $85 129 in PV
• D) Paying lump sum has an advantage of $85 129 in PV
• E) Both options are the same. Choose any.

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