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Riverside bank 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 6.2%, 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
Answers: 1
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Riverside bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. the loan (p...
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