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3) First National Bank charges 12.4% compounded monthly on its business loans. First United Bank charges 12.7% compounded semiannually. Find the EAR on both business

3) First National Bank charges 12.4% compounded monthly on its business loans. First United Bank charges 12.7% compounded semiannually. Find the EAR on both business loans. As a potential borrower, which bank would you go for a new loan?

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