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You need to borrow $20,000 to buy a car
You need to borrow $20,000 to buy a car. Bank X is charging you a stated rate of 6% compounded every month; you must make monthly payments for 5 years. Bank Z is charging you 5.9% compounded continuously; you also must make monthly payments for 5 years. Which deal do you like better: Bank X's or Bank Z's?
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