A student needs to borrow $$20,000$ for college expenses. She is considering two options:

ption $1$: APR $=6\%,$ compounded quarterly

ption $2$: APR $=5\mathrm{.}9\%,$ compounded continuously

a$.$ Find the effective rate $($APY$)$ for each loan option. Round to three decimal places.

Option $1$: APY $=\%$

Option $2$: APY $=\%$

b$.$ Is Option $1$ or Option $2$ a better option for the student who is wishing to borrow money? Ariawer $1$ or $2.$

Option $$

c$.$ If the student was investing $$20,000$ instead of borrowing $$20,000$ under these same conditions, which option would be better?

Answer $1$ or $2.$

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