You have a choice of borrowing money from a finance company at 22 percent compounded monthly or borrowing money from a bank at 24 percent compounded weekly. Which alternative is the most attractive?
If you can borrow funds from a finance company at 22 compounded monthly, the EAR for the loan is what %.
If you can borrow funds from a bank at 24% compounded weekly, the EAR for the loan is what %?