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Calculating an EAR) You have a choice of borrowing money from a finance company at 21 percent compounded weekly or borrowing money from a bank at 23…

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Calculating an EAR) You have a choice of borrowing money from a finance company at 21 percent compounded weekly or borrowing money from a bank at 23 percent compounded monthly. Which alternative is the most attractive?

If you can borrow funds from a finance company at 21 percent compounded weekly, the EAR for the loan ____% (Round to two decimal places.)

If you borrow funds from a bank at 23% percent compounded monthly, the EAR for the loan is ____% (Round to two decimal places.)

Based on the findings above, which alternative is more attractive (Select the best choice below.)

A.) The loan from the finance company at 21% compounded weekly

B.) The loan from the bank at 23% compounded monthly

 
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