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Business, 13.11.2019 19:31 jasminemmathlover

Tucson bank offers to lend you $50,000 at a nominal rate of 12%, compounded monthly. the loan (principal plus interest) must be repaid at the end of the year. phoenix bank also offers to lend you the $50,000, but it will charge an annual rate of 10.8%, with no interest due until the end of the year. how much higher or lower is the effective annual rate charged by tucson versus the rate charged by phoenix?

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Tucson bank offers to lend you $50,000 at a nominal rate of 12%, compounded monthly. the loan (princ...

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