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First National Bank charges 11.7 percent compounded monthly on its business loans. First United Bank charges 11.9 percent compounded semiannually. Requirement 1: Calculate the EAR

First National Bank charges 11.7 percent compounded monthly on its business loans. First United Bank charges 11.9 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).)

EAR First National Bank % First United Bank %

Requirement 2: As a potential borrower, which bank would you go to for a new loan?

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