The First Bank of Lending lists the following APR for loans. Determine the APY, or effective...
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The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is $100,000 or more. Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary. First Bank of Lending Loan APR Loan Amount < $20,000 APR* 11.25% $20,000-$99.999 8.99% 5.75% > $99.999 *Interest rates are compounded quartely Kevnad The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is $100,000 or more. Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary. First Bank of Lending Loan APR Loan Amount < $20,000 APR* 11.25% $20,000-$99.999 8.99% 5.75% > $99.999 *Interest rates are compounded quartely Kevnad
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