Martin wants to contribute the maximum allowable limit to his registered retirement savings plan (RRSP). His current RR

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Martin wants to contribute the maximum allowable limit to his
registered retirement savings plan (RRSP). His current RRSP
contribution limit is $17,250; however, Martin only has
$3,000. To make the contribution, Martin is considering a
RRSP loan. After speaking to several banks, Martin has
narrowed it down to the following options:
After reviewing his cash flow, Martin estimates that he can
afford to make monthly payments toward a RRSP loan in the amount of
$630 dollars.
Required:
a) What is the effective annual rate for both loans? (5
marks)
b) What are the monthly payments for option 1? (4 marks)
c) What are the monthly payments for option 2? (4 marks)
d) Which option should Martin select and why? (2 marks)