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First National Bank charges 14 percent compounded monthly on its business loans. First United Bank charges 14.3 percent compounded semiannually. Calculate the EAR for First

First National Bank charges 14 percent compounded monthly on its business loans. First United Bank charges 14.3 percent compounded semiannually.

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

	EAR
First National	%
First United	%

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

	First United Bank
	First National Bank

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