Question: Herb lives in Calgary. When it was time to shop for the best interest rate on a mortgage, Herb checked out interest rates at all

Herb lives in Calgary. When it was time to shop for the best interest rate on a mortgage, Herb checked out interest rates at all of the major lending institutions. Just to be on the safe side, for every lending institution, Herb checked the interest rates available at a branch in Toronto with the rate available at branches in Calgary. He found that in every case the interest rates were identical. Explain why Herb should have known this.

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