(Calculating an EAR) After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 11 percent compounded quarterly or from a bank at 12 percent compounded daily.
Which alternative is more attractive?

The option of borrowing fund from a finance company at 11 percent compounded quarterly is better option  because it costs much lower than other option.

Explanation:

Suppose amount to be borrowed = $1

If Borrow from Finance Company

Number of compounding period in one year = 4

Interest rate = 11% = 0.11

A = P ( 1 + ( r / n ))^n

A = 1 ( 1 + ( 0.11 / 4 ))^4

A = 1.115

If Borrow from Bank

Number of compounding period in one year = 365

Interest rate = 12% = 0.12

A = P ( 1 + ( r / n ))^n

A = 1 ( 1 + ( 0.12 / 365 ))^365

A = 1.127

So, The option of borrowing fund from a finance company at 11 percent compounded quarterly is better option  because it costs much lower than other option.

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