(Compound interest with non annual periods )After examining the various personal loan rates available to you, you find that you can borrow funds from a finance company at 6 percent compounded weekly or from a bank at 7 percent compounded monthly.Which alternative is more attractive?
A. If you borrow $100 from a bank at 6 percent compounded weekly for 1year, how do you need to pay off the loan?
B.If you borrow $100 from a bank at 7 percent compounded monthly for 1 year, how do you need to pay off the loan?