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Two banks are offering different loan opportunities.
Bank A offers a loan that charges 2.5903% interest compounded daily (excluding leap years).
Bank B offers a loan that charges 2.6084% interest compounded quarterly.
Determine the APY for each to decide which is offering a better loan.
APY for bank A: round answer to 4 decimal place
APY for bank B: round answer to 4 decimal place.
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APY for bank A is 
= 1.026240455 - 1 = 0.0262 rounded to 4 decimal places.
APY for bank B is 
= 1.026340252 - 1 = 0.0263 rounded to 4 decimal places.
From these two banks choose one with the lower APY, since their loan will be cheaper to you.
Solved.
I do not explain the numbers in the formulas - they speak for themselves.
