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Shark Motors is offering loans at an interest rate of 6% annual rate, compounded monthly. Komodo Cars is offering loans at an interest rate of

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Shark Motors is offering loans at an interest rate of 6% annual rate, compounded monthly. Komodo Cars is offering loans at an interest rate of 6.15% simple annual rate. Which company is offering the lowest rate? Komodo Cars. Who cares? Shark Motors. Both Shark and Komodo have the same interest rate, It is impossible to determine which rate is the lowest from the information given

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