First National Bank charges 14.4 percent compounded monthly - 15605

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yousafbhutta

yousafbhutta

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First National Bank charges 14.4 percent compounded monthly on its business loans. First United Bank charges 14.7 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))

 

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

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Please d

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