(Related to Checkpoint 5.7) (Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 15 percent compounded annually or from a bank at 16 percent compounded daily. Which alternative is more attractive? If you can borrow funds from a finance company at 15 percent compounded annually, the EAR for the loan is \%. (Round to two decimal places.) If you can borrow funds from a bank at 16 percent compounded daily, 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 15% compounded annually B. The loan from the bank at 16% compounded daily
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