Business, 16.12.2020 17:00 wilkinsserrano3

Suppose ABC Bank offers to lend you $1,000 at a nominal rate of 8%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Bank XYZ also offers to lend you the $1,000, but it will charge 9%, 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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Suppose ABC Bank offers to lend you $1,000 at a nominal rate of 8%, compounded monthly. The loan (pr...