PLEASE SHOW ALL WORK AND FORMULAS, DON'T USE EXCEL. IF YOU USE A FINANCIAL CALCULATOR PLEASE PUT ALL STEPS FOR ENTERING INTO THE CALCULATOR AND WHICH MODES IT NEEDS TO BE ON.

Question 21 The 17th National Bank of Tuscaloosa offers a 3-vear line of credit in the amount of $45,000 The account carries a 14.00% APR with quarterly compounding. At the end of 1 year, how much interest have you paid and what is the banks effective annual rate? 1