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14. Last National Bank charges 13.2 percent compounded monthly on its business loans. First Diversified Bank charges 13.5 percent compounded semiannually. As a potential borrower,

14. Last National Bank charges 13.2 percent compounded monthly on its business loans. First Diversified Bank charges 13.5 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan? a. Effective rate of 13.2 percent compounded monthly = b. Effective rate of 13.5 percent compounded semiannually =

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