First Choice Bank wants to earn an effective interest rate of 16.50% per year. In order to suit different potential borrowers' needs, the bank offers two options. The first calculates interest on a weekly compounding basis, while the second calculates interest compounded monthly. What interest rate is the bank required to report for the two options? Give one reason why a borrower might prefer an interest rate compounded monthly over one that is compounded weekly. On a weekly compounding basis, the bank is required to report an interest rate of %. (Round the percentage to two decimal places.) On a monthly compounding basis, the bank is required to report an interest rate of %. (Round the percentage to two decimal places.) Give one reason why a borrower might prefer an interest rate compounded monthly over one that is compounded weekly. (Select the best answer below.) OA. A borrower might prefer an interest rate compounded monthly if it matches his/her liquidity needs or timing of the cash flows. OB. A borrower might prefer an interest rate compounded monthly due to its higher APR