level payment was made; (b) the loan is repaid in 36 equal quarterly installments starting one year after the loan was made. o O RF 2020-11-19 2.24.32 Previous Problem Problem List Next Problem (4 points) Bank A offers a 3-year loan at an effective annual interest rate of 8.6% but with a 2.2% administrative fee (payable when the loan is made). Bank B offers a 9-year loan at an effective annual interest rate of 4.1% with an administrative fee (payable when the loan is made). If both loans are to be repaid in equal annual payments, what is the highest administrative fee Bank B can charge to be as attractive to borrowers as Bank A? Answer = 2.4933 %. Click for a hint tiur 72 level payment was made; (b) the loan is repaid in 36 equal quarterly installments starting one year after the loan was made. o O RF 2020-11-19 2.24.32 Previous Problem Problem List Next Problem (4 points) Bank A offers a 3-year loan at an effective annual interest rate of 8.6% but with a 2.2% administrative fee (payable when the loan is made). Bank B offers a 9-year loan at an effective annual interest rate of 4.1% with an administrative fee (payable when the loan is made). If both loans are to be repaid in equal annual payments, what is the highest administrative fee Bank B can charge to be as attractive to borrowers as Bank A? Answer = 2.4933 %. Click for a hint tiur 72