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Lisa is offered a loan from a bank at 7.2% compounded monthly. A credit union offers similar terms but a rate of 7.4% compounded semiannually.

Lisa is offered a loan from a bank at 7.2% compounded monthly. A credit union offers similar terms but a rate of 7.4% compounded semiannually. Which loan should she accept? Attach your solution and clearly state which loan Lisa should accept.

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