Bank z offers a1000 loan at 924 interest paid quarterly, Ask an Expert

Finance

Bank Z offers a$1,000 loan at 9.24% interest paid quarterly. Bank M offers a $1,200 loan at 9.21% interest paid monthly. Which loan has the lowest cost?

a. Bank Z at 9.25% nominal.

b. Bank Z at 9.58& effective.

c. Bank M at 9.21% nominal.

d. Bank M at 9.61% effective.

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Financial Management, Finance

Category:- Financial Management
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