Suppose a client would like to borrow R$22,500$ as a personal loan from a bank on the lowest possible cost available and assume that there are only three available sources of the loan $($banks$)$ which can lend to the client at the following lending rates:

Bank Name

Interest charge

ABSA

$15\mathrm{.}45\%$ p$.$a$.$ compounded quarterly

NEDBANK

$16\mathrm{.}85\%$ p$.$a$.$ compounded monthly

AFRICAN BANK

$16\mathrm{.}05\%$ p$.$a$.$ with daily compounding

 

 Which bank would the client likely borrow from and why? Show all relevant calculations rounded off correct to two decimal places. $(10$ 

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