4 Question 3 (6 marks) Sandy Smith has discussed an AED 34,000 one-year loan with several different banks. Calculate the APR of each alternative a) A 12% annual rate on a simple interest loan, with no compensating balance and interest due at the end of the year. b) A 8% annual rate on a simple interest loan, with a 20% compensating balance requirement and interest due at the end of the year. c) A 14% annual rate on a discount loan with no compensating balance. Interest is due at the beginning of the year