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A bank has advertised the following personal loans: 2. No security (asset) required A competitive FIXED interest rate of 12.24% p.a. for the life of

A bank has advertised the following personal loans: 2. No security (asset) required A competitive FIXED interest rate of 12.24% p.a. for the life of your loan Loan amounts from $5,000 to $30,000 5 year term Monthly repayments (interest and principal) a) Would you prefer this bank's rate to your current bank charging 12.99% with interest calculated annually? If you want to borrow $15,000 from the advertised bank, what would be the monthly b) repayment

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