First national bank charges 133 percent compounded monthly, Ask an Expert

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First National Bank charges 13.3 percent compounded monthly on its business loans. First United Bank charges 13.6 percent compounded semiannually. Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations. Enter your answers as a percent rounded 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 United Bank First National Bank.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92797657

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