Rahul needs a loan and is speaking to several lending agencies

about the interest rates they would charge and the terms they

offer. He particularly likes his local bank because he is being

offered a nominal rate of $4\%.$ But the bank is compounding bimonthly

$($every two months$).$ What is the effective interest rate that Rahul

would pay for the loan?$3\mathrm{.}945\%4\mathrm{.}188\%4\mathrm{.}250\%4\mathrm{.}067\%$Another bank is also offering favorable terms, so Rahul decides

to take a loan of $$12,000$ from this bank. He signs the loan

contract at $5\%$ compounded daily for $12$ months. Based on a $365-$day

year, what is the total amount that Rahul owes the bank at the end

of the loan$$s term? $($Hint: To calculate the number of days, divide

the number of months by $12$ and multiply by $365.)$$$12,362\mathrm{.}91$$$13,056\mathrm{.}74$$$12,615\mathrm{.}21$$$13,119\mathrm{.}82$