ovani needs to borrow $9,300 for 3 years. Cornwell Heights National Bank offers him the
loan at 7.26% compounded daily, and Andalusia National Bank offers him the loan at 7.35%
compounded monthly.
(a) How much would he need to pay back at each bank?
He would need to payback Cornwell Heights $ __________________.
He would need to payback Andalusia $ __________________.
(b) Which bank is offering the better deal?