First National Bank charges 10.2 percent compounded monthly on its business loans. First United Bank charges...
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First National Bank charges 10.2 percent compounded monthly on its business loans. First United Bank charges 10.4 percent compounded semiannually. Calculate the EAR for each bank. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. First National Bank First United Bank % % As a potential borrower, which bank would you go to for a new loan? First National Bank charges 10.2 percent compounded monthly on its business loans. First United Bank charges 10.4 percent compounded semiannually. Calculate the EAR for each bank. Note: Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16. First National Bank First United Bank % % As a potential borrower, which bank would you go to for a new loan?
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