Sean and Shauna purchased their home four years ago and paid $490,000. Their down payment was $98,000 as it was important to them that the mortgage be a conventional mortgage. As of today, their current remaining mortgage balance with the Royal Bank of Canada (RBC) is $250,000 and the market value of the home is appraised at $525,000. RBC is willing to provide Sean and Shauna with a Home Equity Line of Credit (HELOC). RBC's loan value is based on the formula for a HELOC as 80% of the current market value of the home less the outstanding mortgage balance. They have come upon hard times due to Shauna's recent medical issues and need this loan. How much is RBC willing to lend? $220,000 $288,000 $360,000 $420,000 $170,000 Paula is reading the fine print on the various loans as she wants to know which bank has the highest effective interest rate. Below are the posted rates (or nominal interest rates). (Keep to 2 decimal places) The Scotia Bank's posted interest rate of 6.60% (with the fine print reading compounding semi-annually, 2 times a year) CIBC's posted interest rate of 6.55% (with the fine print reading compounding weekly at 52 weeks). The Bank of Montreal's posted interest rate of 6.50% (with the fine print reading compounding daily at 365 days). The Royal Bank of Canada's posted interest rate of 6.58% (with the fine print reading compounding monthly at 12 months). O CIBC's effective rate is higher. All four effective rates are equivalent. Scotia Bank's effective rate is higher. Bank of Montreal's effective rate is higher. The Royal Bank of Canada's effective rate is higher