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(Related to Checkpoint 5.7) (Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from

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(Related to Checkpoint 5.7) (Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 15 percent compounded semiannually or from a bank at 16 percent compounded monthly. Which alternative is more attractive? If you can borrow funds from a finance company at 15 percent compounded semiannually, the EAR for the loan is %. (Round to two decimal places.)

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