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First National Bank charges 14.1 percent compounded monthly on its business loans. First United Bank charges 14.4 percent compounded semiannually. Calculate the EAR for First

First National Bank charges 14.1 percent compounded monthly on its business loans. First United Bank charges 14.4 percent compounded semiannually.

Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations. Round the final answers to 2 decimal places.

	EAR
First National		%
First United		%

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

multiple choice

First National Bank
First United Bank

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