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3. Chaskel Charnowski is considering loan offerings from his two neighborhood banks. Third Mutual Bank is charging an APR of 13.87% with quarterly compounding and

3. Chaskel Charnowski is considering loan offerings from his two neighborhood banks. Third Mutual Bank is charging an APR of 13.87% with quarterly compounding and Third Mercantile Bank is charging an APR of 13.58% with daily compounding. Calculate the EAR for each loan. Which bank should Charles choose for his loan and why ?

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