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Calculating EAR Last National Bank charges 6.25 percent compounded monthly on its business loans. First Diversified Bank charges 6.30 percent compounded semiannually. As a potential

Calculating EAR Last National Bank charges 6.25 percent compounded monthly on its business loans. First Diversified Bank charges 6.30 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

Effective rate of 6.25 percent compounded monthly: ____________%

Effective rate of 6.30 percent compounded semiannually: _____________%

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