Question: This question is worth 10 marks. Please show the formulas that you are using and calculations. First National Bank charges 11.2% compounded monthly on its

This question is worth 10 marks. Please show the formulas that you are using and calculations.

First National Bank charges 11.2% compounded monthly on its business loans. First United Bank charges 11.4% compounded semi-annually. As a potential borrower which bank would you go to for a loan?

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