The Situation: You are in need of a new washer and dryer and the set you would like costs $1,600. You do not have access to enough cash to pay for the washer and dryer in full at time of purchase and are exploring your financing options. You have seen the following advertisement on television: Paying $100 a month will work with your budget. You also have that emergency credit card in your wallet that charges 24% annually compounded monthly. Which of these two methods of financing would be your best option? Your Mission: Evaluate the two financing options and decide which one is better for you. Include the following in your report: The decision criteria you used to make your decision (such as effective interest rate). The calculation of your decision criteria for each alternative. The decision you made and why you made it. Any assumptions you felt you needed to compare the alternatives. Submission Requirements: Submit your report as a file upload. If you choose to make your calculations using Excel, include the corresponding Excel file.