What is the difference in the effective annual rates ear, Financial Management

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What is the difference in the effective annual rates ear

American Fryers is trying to arrange financing for its expansion program.

CB&T offers to lend the required funds at 6% compounded quarterly.

Wells Fargo offers to lend the money at 6.15% compounded monthly.

What is the difference in the effective annual rates (EAR) charged by the two banks?

19.6%

0.19%

0.273%

0.355%

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