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First National Bank charges 137 percent compounded monthly on its business loans First United Bank charges 140 percent compounded semiannually Calculate the EAR for First National Bank and First

First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14.0 percent compounded semiannually.


Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))


  EAR
First National %
First United %


As a potential borrower, which bank would you go to for a new loan?
 
  First National Bank
  First United Bank
 

May 14 2020 View more View Less

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