Question: How did they get this answer? Two options for borrowing money are given below: - Personal loan with an interest rate of 23.5% p.a. compounded

How did they get this answer?

Two options for borrowing money are given below: - Personal loan with an interest rate of 23.5% p.a. compounded quarterly. - Credit card with an interest rate of 23.1% p.a. compounded daily. Which of the two options should you choose and why? PLCCREF=25.65%REF=25.98% Personal loon, as you wout less interest for a loan

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