First Choice Bank wants to earn an effective interest rate of 16 50% per year. In order to suit different potential borrowers needs, the bank offers fees options. The first calcubes interest in a weekly compounding bus, while the second calculates interest compounded monthly What interest rate is the bank required to report for the two optors? Give one reason why a borrower might proter an interest rate compounded monthly over one that is compounded weekly On a weekly compounding basis, the bank is required to report an interest rate of On a monthly compounding basis, the bank is required to report an interest rate of (Round the percentage to two decimal places) (Round the percentage to two decimal places) Give one reason why a borrower might prefer an interest rate compounded monthly over one that is compounded weekly efect the best answer DA. A borrower might prefer an interest rate compounded monthly due to its higher APR OB Aborrower might peefer an interest rate compounded monthly a matches his/her liquidity needs or ting of the cash