ABC Bank offers to lend you $50,000 for one year at a quoted annual rate...
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Accounting
ABC Bank offers to lend you $50,000 for one year at a quoted annual rate of 8.33% with each payment at the end of each month. DEF Bank also offers to lend you the same amount at a quoted annual rate of 8.65%, with each payment at the end of each quarter. What is the difference in the effective annual rates charged by the two banks?
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