Bank Z offers a$1,000 loan at 9.24% interest paid quarterly. Bank M offers a $1,200 loan at 9.21% interest paid monthly. Which loan has the lowest cost?
a. Bank Z at 9.25% nominal.
b. Bank Z at 9.58& effective.
c. Bank M at 9.21% nominal.
d. Bank M at 9.61% effective.