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If you applied for a loan of $10,000 from two different banks, and Bank Y makes an offer to charge interest of 5% compounded monthly

If you applied for a loan of $10,000 from two different banks, and Bank Y makes an offer to charge interest of 5% compounded monthly and Bank Z offers you 6% semi-annual interest due at the end of the year. What will be the difference in the Effective Interest Rate charged by the two banks?

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