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8. Suppose you could borrow using either a credit card that charges 12% annual percentage rate (APR) compounded monthly or a bank loan with 12%

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8. Suppose you could borrow using either a credit card that charges 12% annual percentage rate (APR) compounded monthly or a bank loan with 12% quoted nominal interest rate that is compounded quarterly. Which should you choose? (Hint: use 4 decimal places for your calcu- lations.) A. Choose the credit card loan because it is slightly less expensive. B. Choose the bank loan because it is slightly less expensive. C. Both the credit card and the bank loan are equally expensive. D. You need more information to answer the question. E. None of the above

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