Math  /  Word Problems

QuestionMr. Fan compares loans from banks A and B: A at 6%6\% half-yearly and B at 6.1%6.1\% yearly. Which is cheaper?

Studdy Solution
Since the effective interest rate for Bank A is greater than the effective interest rate for Bank B, Mr Fan should borrow the money from Bank B to pay less interest.
Mr Fan should borrow the money from Bank B.

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