Q075 Lowest APY Kevin needs to Bank A is now Bank B is no Bank C is now le eds to borrow $ 22,000 for a home renovation project. his choices are: is now leading money at nominal rate = 10.9000%, compounded quarterly is now leading money at at nominal rate = 10.7000%, compounded monthly is now leading money at at nominal rate = 10.5000%, compounded annually. Which bank offers the lowest APY(re). Hint use the formula Page 238) : APY - Efective rate = re nominal or stated rate (in decimal). m = number of compoundings per year. Remember to change percent to decimal Calculate the best APY (lowest) for his loan in percent) for each bank and determine which has the 9 points lowest APY