For the futures trade, let's look at an example with current quotes. Say the current S&P index is 6466. A futures contract of length 117 days is 6541. So the upfront cost is `6541-6466 = 75`. That is `75/117` per day or `((75/117)*365)` per year: $234.
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That means for our loan of $75k, the interest rate is `(234/75000)` or about 0.3%. That is much lower than 6%.
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That means for our loan of $75k, the interest rate is `(234/75000)` or about 0.3%. That is much lower than 6%. I'm likely calculating this wrong and ignoring other costs, but hopefully the point comes across.
This example is mainly to show that these loan instruments are interchangeable and it all comes down to how you achieve leverage and its associated cost.