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ABC Bank offers to lend you $50,000 for cne vear at a quoted annual rate of 8.49% with each payment at the end of each

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ABC Bank offers to lend you $50,000 for cne vear at a quoted annual rate of 8.49% with each payment at the end of each month. DEF Bank also offers to lend you the same amount at a quoted annual rate of 8.64%, with each pavment at the end of each quarter. What is the difference in the effectrve annut rates chargod by the two banks? 0.16K c424: 0.14k oone 010N

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