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Effective annual rate charged by commerce bank

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Fidelity Investments offers loans of $50,000 at a nominal rate of 7.5%, that is compounded monthly. The loan, principal + interest, has to be repaid at year end. Then Commerce Bank also offers $50,000 loans, but they will charge an annual rate of 9.8%, without interest until the end of the year.

How much higher or lower is the effective annual rate charged by Commerce Bank versus the rate charged by Fidelity Investments?

Reference no: EM132284868

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