First bank offers personal loans at 7.7 percent compounded monthly. second bank offers similar loans at 7.4percent compounded daily. which one of the following statements is correct concerning these loans? assume a 365-day year. multiple choice the second bank loan has an effective rate of 8.01 percent. the first bank loan has an effective rate of 7.98 percent. the annual percentage rate for the second bank loans is 7.68 percent. borrowers should prefer the loans offered by first bank. both banks offer the same effective rate.

The First Bank loan has an effective rate of 7.98 percent.

Explanation:

we calcualte the effective rate for both loand and check which statement is correct.

First bank:

     1.07977643  - 1 = 0.07977 = 7.98%

Second bank:

     1.076798729   - 1 = 0.076798729  = 7.68%

Notice tthis isthe effective rate not the annual percentage rate.

So only the statement abour the first bank effectibe rate is true.

explanation:

a gas is not used in hydraulic machines as the fluid because gas is easily compressible and so if a gas is used, the energy would mostly go into compressing a gas. therefore a liquid is used in hydraulic machines as the fluid.

answer; /// that is so (false);