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Last National Bank offers you a 10% loan; Loan payments must be made monthly. Credit Union offers you a loan where payments will be made

Last National Bank offers you a 10% loan; Loan payments must be made monthly. Credit Union offers you a loan where payments will be made semi-annually; the loan rate is also 10%. The local bank down the street also offers a 10% loan where payments are made quarterly. Which loan has the lowest effective annual rate? Explain.

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