Don't used Ai solution 2) From the following interest rates, determine the most appropriate one for borrowing using the annual effectiveinterest rate.a. Monthly 1.5% interest rateb. 6 month 10% interest rate with 3-month maturityc. 2 years 28% interest rate with 6-month maturityd. 2 years 30% effective interest rate

Detailed explanation:The Formula for EARThe Effective Annual Interest Rate (EAR) reflects the…

Answered: 2) From the following interest rates,…

Chemistry: The Molecular Science

5th Edition

ISBN:9781285199047

Author:John W. Moore, Conrad L. Stanitski

Publisher:John W. Moore, Conrad L. Stanitski

Chapter10: Fuels, Organic Chemicals, And Polymers

Section10.2: U. S/ Energy Sources And Consumption

Problem 10.4E

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2) From the following interest rates, determine the most appropriate one for borrowing using the annual effective interest rate. a. Monthly 1.5% interest rate b. 6 month 10% interest rate with 3-month maturity c. 2 years 28% interest rate with 6-month maturity d. 2 years 30% effective interest rate