Business, 12.09.2019 02:20 jasminer257
Farmers bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. merchants bank offers to lend you the $50,000, but it will charge 5.5%, simple interest, with interest paid at the end of the year. what's the difference in the effective annual rates charged by the two banks? 0.49% 0.32
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Farmers bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest pa...
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