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Bank A charges 15 % compounded monthly on a loan, and Bank B charges 15.04% compounded...

  1. Bank A charges 15 % compounded monthly on a loan, and Bank B charges 15.04% compounded quarterly.  Bank _______ is a better deal.  Explain why.
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Answer #1

In Case of Bank A. Effective annual anud In Case of = o. 1608 or 16.08 % Bonk B, Effective annual y - Hence, Bank 8. 1591 A i

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