Business, 19.03.2020 09:02 dajmoneyp80a0o

Bank A offers to lend you $100,000 at a nominal rate of 6%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Bank B also offers to lend you the $100,000, but it will charge 6.40%, with interest due at the end of the year. What is the difference in the effective annual rates charged by the two banks

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Bank A offers to lend you $100,000 at a nominal rate of 6%, compounded monthly. The loan (principal...

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