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First National Bank charges 13.5 percent compound monthly on its business loan. First United Bank charges 13.8 percent compounded semiannually Calculate the EAR for First

First National Bank charges 13.5 percent compound monthly on its business loan. First United Bank charges 13.8 percent compounded semiannually

Calculate the EAR for First National Bank and First United Bank.

First National

First United

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

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