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First bank charges a monthly rate of 0.99 percent on its business loans. Alternatively, Third bank charges a 12 APR, compounding quarterly, to its corporate

First bank charges a monthly rate of 0.99 percent on its business loans. Alternatively, Third bank charges a 12 APR, compounding quarterly, to its corporate customers. Which option is best for a business that is seeking to potentially borrow some funds?

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