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Business, 23.06.2020 23:01 Brayner14

Bank A offers to lend you $1,000,000 at a nominal rate of 6%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Bank B also offers to lend you the $1,000,000, but it will charge 6.40%, with interest due at the end of the year. What is the difference in the effective annual rates charged by the two banks

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Bank A offers to lend you $1,000,000 at a nominal rate of 6%, compounded monthly. The loan (principa...
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