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 5 percent compounded monthly or from a bank at an APR of 6 percent compounded daily. Which alternative is more attractive? a. If you borrow $100 from a finance company at an APR of 5 percent compounded monthly for 1 year, how much do you need to payoff the loan? S (Round to the nearest cent.) b. If you borrow $100 from a bank at an APR of 6 percent compounded daily 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) O A. The loan from the bank at an APR of 6% compounded daily. OB. The loan from the finance company at an APR of 5% compounded monthly Click to select your answer(s). 6:43 PM 10/8/2014