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First National Bank charges 10.5 percent compounded monthly on its business loans. First United Bank charges 10.7 percent compounded semiannually. Both banks follow The Truth

First National Bank charges 10.5 percent compounded monthly on its business loans. First United Bank charges 10.7 percent compounded semiannually. Both banks follow The Truth in Lending Act to quote their interest rates. 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.) EAR First National Bank % First United Bank %

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