Jamie wants to start a small business and will apply for a bank loan. He has four options to choose from. The four options are Bank A which offers 14.5% compounded semi-annually; Bank B that offers 14.4% compounded quarterly, Bank C that offers 14.1% compounded monthly and Bank D that offers an annual rate of 15.04%. 

Which bank loan would be the best for Jamie?

Answer rating: 100% (QA)

To calculate the effective interest rate for Jamies loan options we can use the follo... View the full answer