(Compound interest with nonannual periods) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at an APR of 6 percent compounded annually or from a bank at an APR of 7 percent compounded semiannually. Which alternative is more attractive? a. If you borrow $100 from a finance company at an APR of 6 percent compounded annually for 1 year, how much do you need to payoff the loan? (Round to the nearest cent.) b. If you borrow $100 from a bank at an APR of 7 percent compounded semiannually for 1 year, how much do you need to payoff the loan? $ (Round to the nearest cent.) c. Based on the findings in parts (a) and (b), which alternative is more attractive? (Select the best choice below.) A. O B. The loan from the bank at an APR of 7% compounded semiannually The loan from the finance company at an APR of 6% compounded annually