Allied Bank offers to lend you at a nominal rate of 5.0%, simple interest, with interest paid

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Allied Bank offers to lend you at a nominal rate of 5.0%, simple interest, with interest paid quarterly. Standard Bank offers to lend you the same amount, but it will charge 6.0%, simple interest, with interest paid at the end of the year. Which bank will you select to borrow money?

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Posted Date: May 19, 2024 03:13 AM

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Allied Bank offers to lend you at a nominal rate of 5.0%, simple interest, with interest paid

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