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Bank one offers to lend you 50,000 at a norminal rate of 7.0% compounded monthly . Bank Two also offers to lend you the 50,000

Bank one offers to lend you 50,000 at a norminal rate of 7.0% compounded monthly . Bank Two also offers to lend you the 50,000 but it will charge a normal rate of 7.2% compounded annually what is the difference in the effective rate of two banks and which bank would you go to for the loan

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