Today is January 1st, 2022. Cat is a loan shark, and she offers you the following deal. She will lend you P dollars today, and in return you can either 1. Pay her 2P dollars on January 1st, 2023; or, 2. Accrue 6% interest at the end of each month. In either case, you won't be able to repay her until January 1st, 2023. Which of these schemes would you choose, and why?

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