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What is the periodic rate for borrowing from the bank

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Reference no: EM132812425

Problem 1: Suppose, you could borrow using either a credit card that charges 1% per month or a bank loan with a 12% quoted nominal interest rate that is compounded quarterly. What is the periodic rate for borrowing from the bank?

a) 3%

b) 12%

c) 0.01%

d) 1%

Reference no: EM132812425

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