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Calculate the CAT (total annual cost) for option 1 and then find which option is better to ask for a loan and explain why is

Calculate the CAT (total annual cost) for option 1 and then find which option is better to ask for a loan and explain why is it better.

1. Personal Loan
MNL Bank
2.25% simple monthly interest rate

2. Savings Bank
CAT= 30%

3. XYZ Bank
CAT= 28.30%

4. 123 Bank
CAT= 26.64%

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