Business, 14.05.2021 16:50 live4dramaoy0yf9
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 6.0%, 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? a. 1.56% b. 1.30% c. 0.72% d. 0.91% e. 1.09%
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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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