First National Bank charges 1 1 . 4 percent compounded monthly on its business loans. First United

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Question:

First National Bank charges

11.4

percent compounded monthly on its business loans. First United Bank charges

11.6

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

.

., 32.16 .

.

.

Posted Date: May 19, 2024 12:05 AM

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First National Bank charges 1 1 . 4 percent compounded monthly on its business loans. First United

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