Question: please assist with excel function or calculator QUESTION 26 Riverside Bank offers to lend you $50,000 at a nominal rate of 65%, compounded monthly. The

please assist with excel function or calculator

QUESTION 26 Riverside Bank offers to lend you $50,000 at a nominal rate of 65%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it wil charge an annual rate of 7.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside? 0.44% 0.52% 0.36% 0.24% 0.30%

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