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Sonya is comparing two loans. Loan 1 has an interest rate of 8 . 2 % compounded monthly and Loan 2 has an interest rate

Sonya is comparing two loans. Loan

1

has an interest rate of

8.2 %

compounded monthly and Loan

2

has an interest rate of

8.4 %

compounded quarterly. Which loan should she take and why? Show all work and provide the calculations in the answer box. Answers without the work shown will not receive full credit.

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