Should Josephine take out the mortgage loan from the Credit Union, or from Providence Bank (see

The Yarmouth Credit Union
will provide Josephine with a mortgage at a rate of 6.36 percent, but unlike
most Canadian mortgages, the compounding will occur monthly. Should Josephine
take out the mortgage loan from the Credit Union, or from Providence Bank (see Problem
47)? Can you answer this question without calculating
the monthly mortgage payment?
Topic: Mortgage Loans
and Effective Interest Rates
Level of difficulty: Medium