ETS offers 5-year CDs at 7.63% compounded quarterly and BOS offers a 5-year CD at a rate of 7.59% compounded monthly. Compute the annual yield for each institution and determine which offers is more advantageous for the consumer.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
ETS offers 5-year CDs at 7.63% compounded quarterly and BOS offers a 5-year CD at a rate of 7.59% compounded monthly. Compute the annual yield for each institution and determine which offers is more advantageous for the consumer.
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