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(Calculating an EAR) You have a choice of borrowing money from a finance company at 24 percent compounded daily or borrowing money from a bank at 26…

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(Calculating an EAR) You have a choice of borrowing money from a finance company at 24 percent compounded daily or borrowing money from a bank at 26 percent compounded annually. Which alternative is the most attractive?

If you can borrow funds from a finance company at 24 percent compounded daily ,the EAR for the loan is _____%

.(Round to two decimal places.

)If you can borrow funds from a bank at 26 percent compounded annually, the EAR for the loan is _________%.(Round to two decimal places.)

Based on the findings above, which alternative is more attractive?A.

The loan from the bank at 26 % compounded annuallyB.

The loan from the finance company at 24 % compounded daily

 
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