(Calculating an EAR) You have a choice of borrowing money from a finance company at 24 percent compounded annually or borrowing money from a bank at 26 percent compounded daily. Which alternative is the mostattractive?

If you can borrow funds from a finance company at 24 percent compounded annually, the EAR for the loan is ___________ %. (Round to two decimal places.)

If you can borrow funds from a bank at 26 percent compounded daily, the EAR for the loan is ____________ %. (Round to two decimal places.)

Based on the findingsabove, which alternative is moreattractive?(Select the best choice below.)

A. The loan from the finance company at 24 % compounded annually

B. The loan from the bank at 26 % compounded daily