Craig is considering four loans. Loan L has a nominal rate of 8.254%, compounded daily. Loan M has
nominal rate
of 8.474%, compounded weekly. Loan N has a nominal rate of 8.533%, compounded monthly. Loan O has a nominal
rate of 8.604%, compounded yearly. Which of these loans will offer Craig the best effective interest rate?
a. loan
b. loan M
C.
loan N
d
loan O