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Find what is the effective annual rates charged

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Problem 1: Farmers Bank offers to lend you $50,000 at a nominal rate of 5.0%, with interest paid quarterly. Merchants Bank offers to lend you the $50,000, but it will charge 6.0%, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?

a. 1.56%

b. 1.30%

c. 1.09%

d. 0.91%

e. 0.72%

Reference no: EM132653444

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