Personal collections
The Kent's family buys a car. When buying the car, they had two options:
the amount is repaid in five annual installments of £ 13250. The first installment would be paid immediately.
the amount is repaid in five installments in the amount of £ 15900.00, where each installment is repaid in every three years.
The bank bears an annual accrued interest rate of 3%.
Calculate which of the given options is the most favourable for the Kent's family at the time of payment of the last installment?
