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Difference in effective annual rates charged by two banks

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TD Bank offers to lend you $50,000 at a nominal rate of 6.5%, simple interest, with interest paid monthly. Scotia Bank offers to lend you the $50,000, but it will charge 8.0%, simple interest, with interest paid semi-annually. What's the difference in the effective annual rates charged by the two banks?

Reference no: EM132785258

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