Question: The Coop Bank charges 1 3 . 2 % compounded monthly on its business loans. First Direct Bank charges 1 3 . 5 % compounded

The Coop Bank charges 13.2% compounded monthly on its business loans. First Direct Bank
charges 13.5% compounded semi-annually. As a potential borrower, which bank would you
choose for a new loan?
The Coop Bank charges 13.2% compounded monthly on its business loans.

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