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Garanti Bank charges 10,1 % compounded monthly on its business loans. Akbank charges 10,4 compounded...

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Garanti Bank charges 10,1 % compounded monthly on its business loans. Akbank charges 10,4 compounded semiannually. As a potential borrower to which bank would you go for a new loan? Effective Interest Rate Formula Effective rate = (1 + r / m )" - 1 r = Annual nominal rate of interest m = Number of compounding periods in a year n = Number of compounding periods the rate is required for

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