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Bank of America quotes a rate of 11.5% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding. 1a.

Bank of America quotes a rate of 11.5% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding.

1a. What is the EAR for Bank of America?

1b. What is the EAR for Wells Fargo?

1c. As a borrower, which loan should you take? The loan from Wells Fargo or The loan from Bank of America

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