Business, 23.09.2020 14:01 marieroberts7148

offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it will charge an annual rate of 7.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside? 0.52% 0.44% 0.36% 0.30% 0.24%

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offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus i...

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