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Wells Fargo gives you an offer of $450,000 at a mortgage rate 5.5%, compounded quarterly. Citi Bank offers you a loan of $550,000 as well,

Wells Fargo gives you an offer of $450,000 at a mortgage rate 5.5%, compounded quarterly. Citi Bank offers you a loan of $550,000 as well, the mortgage rate is 5%, compounded monthly. please calculate the difference of the EAR charged by these two banks.

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