Business, 24.12.2019 03:31, ebzloera

Bank a offers to lend you $10,000 at a nominal rate of 6%, simple interest, with interest paid monthly. bank b offers to lend you the $10,000, but it will charge 7%, simple interest, with interest paid 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 $10,000 at a nominal rate of 6%, simple interest, with interest paid month...