Question: Question 17 1 points Save Answer Windsor Bank offers to lend you $10,000 at a nominal rate of 5.4%, compounded monthly. The loan (principal plus

Question 17 1 points Save Answer Windsor Bank offers to lend

Question 17 1 points Save Answer Windsor Bank offers to lend you $10,000 at a nominal rate of 5.4%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Garneau Bank also offers to lend you the $10,000, but it will charge an annual rate of 5.4%, with no interest due until the end of the year. What is the difference in the effective annual rates charged by the two banks? 0.14% 0.40% 0.59% 0.00%

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