Nations bank offers to lend you 50000 at a nominal rate of, Financial Management

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Nations bank offers to lend you 50000 at a nominal rate of

Nations Bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. Bank of US offers to lend you the $50,000, but it will charge 5.5%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?

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Financial Management: Nations bank offers to lend you 50000 at a nominal rate of

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Financial Management: Nations bank offers to lend you 50000 at a nominal rate of

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