Camille can obtain a residential mortgage loan from a bank at 5.5% compounded semiannually, or from an independent mortgage broker at 5.4% compounded monthly. Which source should she pick if other terms and conditions of the loan are the same? Present calculations that support your answer.

Compounded Semiannually

A different phrase for interest calculation done two times a year, where interest is added to the principal for future interest calculation.

Compounded Monthly

A method of calculating interest where the accumulated interest is added back to the principal sum each month.

Residential Mortgage Loan

A loan secured by real property through the use of a mortgage note, typically used to purchase residential properties.