You need to borrow $500 in a hurry in order to buy something from Amazon.com before it is sold out. You have two alternatives: either you borrow from your friend Frank or you borrow from a local bank. Frank failed first grade math and never recovered. Frank insists on the simplest method of repayment and says that for every month you keep the money you owe him an extra $5.50. The bank on the other hand, will charge you a nominal interest rate of 12% per year compounded monthly. a) If you intend to repay the loan in a lump sum at the end of one year, from whom you should borrow? b) Calculate, to the closest month, how long it will take until you owe the bank and Frank the same amount of money (assuming that you borrow the same amount of money from each source at the same time)