First National Bank charges 10.6 percent compounded monthly on its business loans. First United Bank charges 10.8 percent compounded semiannually.

Requirement 1:

Calculate the EAR for each bank. (Enter rounded answers as directed, but do not use rounded numbers in intermediate calculations. Enter your answers as a percent rounded to 2 decimal places (e.g., 32.16).)

	EAR
First National Bank	%
First United Bank	%

Requirement 2:

As a potential borrower, which bank would you go to for a new loan?