Answer the situation. Compute for interest. Show your Complete Solution.I already provided the answer I just need the Solution and explanation.Answer: Bank A because it will yield less interest than bank B. Due to this pandemic, your mother is having a hard time paying your bills, so shedecided to apply for a loan. Can you help your mother pick which bank will shechoose to have the loan?BANK ABANK Bmaximum of Php500,000 loanmaxímum of Php500,000 loan- offers 6% interestcompounded semi-annuallyoffers 4%compounded quarterly- payable for 3 yearspayable for 3 yearsWhich bank will you choose? Explain your answer.

Due to this pandemic, your mother is having a hard time paying your bills, so she decided to apPply for a loan. Can you help your mother pick which bank will she choose to have the loan? BANK A BANK B - maximum of Php 500,000 loan - maxímum of Php 500,000 loan - offers 6% interest compounded semi- annually - offers 4% compounded quarterly - payable for 3 years - payable for 3 years Which bank will you choose? Explain your answer.

Due to this pandemic, your mother is having a hard time paying your bills, so she decided to apPply for a loan. Can you help your mother pick which bank will she choose to have the loan? BANK A BANK B - maximum of Php 500,000 loan - maxímum of Php 500,000 loan - offers 6% interest compounded semi- annually - offers 4% compounded quarterly - payable for 3 years - payable for 3 years Which bank will you choose? Explain your answer.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 2FPE

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Give typing answer with explanation and conclusion