8. You intend to borrow $600 000 to buy a new house. You start to look around for the cheapest loan and you come across the following quotes. . . ANZ Bank is currently charging its clients a semi-annual interest of 6% p. a. Bendigo Bank has an annual interest of 7 %p.a. compounded daily. Westpac Bank has an annual interest of 7.5 % p.a. compounded weekly. Commonwealth Bank is charging a low periodic rate of 1% per month. . . Use the concept of EAR to find the cheapest loan