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You need to borrow $200,000 to buy a car. Bank A is charging you a stated rate of 6% compounded every month; you must make
You need to borrow $200,000 to buy a car. Bank A is charging you a stated rate of 6% compounded every month; you must make monthly payments for 5 years. Bank B is charging you 5.9% compounded continuously, you must also make monthly payments for 5 years. Which deal do you like better A or B?
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