First National Bank charges 10.7 percent compounded monthly on its business loans. First United Bank charges 10.9 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).)

Requirement 2:

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

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? (Click to select 7 (Click to select) First National Bank lst Uniicod lBank RETETETTceseBook & Resources