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Bank of America quotes a rate of 11.8% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding. Intro

Bank of America quotes a rate of 11.8% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding.

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Intro Bank of America quotes a rate of 11.8% with monthly compounding for a consumer loan, while Wells Fargo quotes you 12% with annual compounding. Part 1 Attempt 1/2 for 10 pts. What is the EAR for Bank of America? 3+ decimals Submit Attempt 1/2 for 10 pts. Part 2 What is the EAR for Wells Fargo? 3+ decimals Submit IB Attempt 1/2 for 10 pts. Part 3 As a borrower, which loan should you take? The loan from Bank of America The loan from Wells Fargo Submit

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