Riverside bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. the loan (principal plus interest) must be repaid at the end of the year. midwest bank also offers to lend you the $50,000, but it will charge an annual rate of 6.2%, with no interest due until the end of the year. how much higher or lower is the effective annual rate charged by midwest versus the rate charged by riverside
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Riverside bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. the loan (principal plus interest) must be repaid ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Home » Mathematics » Riverside bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. the loan (principal plus interest) must be repaid at the end of the year.