First American Bank charges 10.4 percent compounded monthly on its business loans. First Fifth Bank charges 10.6 percent compounded semiannually. Calculate the EAR for each bank. (Do not round Intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) First National Bank First United Bank 96 %6 As a potential borrower, which bank would you go to for a new loan?

First American Bank charges 10.4 percent compounded monthly on its business loans. First Fifth Bank charges 10.6 percent compounded semlannually. Calculate the EAR for each bank. (Do not round Intermedlate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)