2. [5 points] Elf Electronics, Inc. needs to arrange financing for its expansion program. Bank Aba offers to lend Elf Electronics the required funds on a loan in which interest must be paid monthly, and the quoted rate is 8 percent. Bank Bo will charge 9 percent, with interest due at the end of the year. Which bank offers better the lowest cost of borrowing to Elf Electronics, ceteris paribus? Why