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Partners Bank offers to lend you 50,000 at a nominal rate of 5.0%,simple interest,with interest paid quarterly.An offer to lend you the 50,000 also comes
Partners Bank offers to lend you 50,000 at a nominal rate of 5.0%,simple interest,with interest paid quarterly.An offer to lend you the 50,000 also comes from Community Bank,but it will charge 6.0%,simple interest,with interest paid at the end of the year.Whats the difference in the effective anual rates charged by the two banks
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