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Business, 04.04.2020 00:01 dontcareanyonemo
Merchants Bank offers to lend you $30,000 at a nominal rate of 6.0%, simple interest, with interest paid quarterly. Gold Coast Bank offers to lend you the $30,000, but it will charge 7.0%, 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
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Merchants Bank offers to lend you $30,000 at a nominal rate of 6.0%, simple interest, with interest...
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