|
Title: East Coast Bank offers to lend you $27,000 at a nominal rate of8.5%, compounded monthly. The loan ... Post by: Flaco69 on Jul 30, 2023 East Coast Bank offers to lend you $27,000 at a nominal rate of8.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $27,000, but it will charge an annual rate of9.3%, with no interest due until the end of the year. What is the difference in the effective annual rates charged by the two banks? ▸ 0.39% ▸ 0.46% ▸ 0.64% ▸ 0.54% Title: Re: East Coast Bank offers to lend you $27,000 at a nominal rate of8.5%, compounded monthly. The loan ... Post by: cherylel on Jul 30, 2023 Content hidden
|