# Answer on Finance Question for George

Question #23020

Riverside Bank offers to lend $50K at a nominal rate of 6.5%, compounded monthly. The loan must be repaid at the end of the year. Midwest Bank also offers to lend you the $50K, but it will charge an annual rate of 7.0%, 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?

Expert's answer

Need a fast expert's response?

Submit orderand get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

## Comments

## Leave a comment