You need to borrow $5,000 to make an important purchase. You have a choice to...
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You need to borrow $5,000 to make an important purchase. You have a choice to borrow from your friend and repay in two years an amount of $6,200 or to borrow the same amount from your bank at an interest rate of 9%. What should you do? O borrow from my friend because the interest rate is lower at 7.43% O borrow from my friend because the interest rate charged by my friend is 2% lower than the bank's Oborrow from the bank because the interest rate is higher at 9% O borrow from the bank because the interest rate charged by my friend is about 2% higher
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