First national bank charges 104 percent compounded monthly, Ask an Expert

Finance

First National Bank charges 10.4 percent compounded monthly on its business loans. First United Bank charges 10.6 percent compounded semiannually.

Requirement 1:

Calculate the EAR for each bank.

Requirement 2:

As a potential borrower, which bank would you go to for a new loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91727352

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