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First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14 percent compounded semiannually. Calculate the EAR for the
First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14 percent compounded semiannually. Calculate the EAR for the two banks. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) As a potential borrower, which bank would you go to for a new loan? First United Bank First National Bank
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