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You are looking to finance a car and note that the bank is willing to offer you a loan at a rate of 5.24%,

You are looking to finance a car and note that the bank is willing to offer you a loan at a rate of 5.24%, nominal yearly, compounded yearly. The dealership is willing to offer you this loan at 5.24%, nominal yearly, compounded monthly. What is the difference between these two rates, (stated as a %). I

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