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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. As a potential borrower, to which bank would you go for a new loan? First United Bank First National Bank

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