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Problem 6-14 Calculating EAR (LO4] First National Bank charges 14.2 percent compounded monthly on its business loans. First United Bank charges 14.5 percent compounded semiannually.

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Problem 6-14 Calculating EAR (LO4] First National Bank charges 14.2 percent compounded monthly on its business loans. First United Bank charges 14.5 percent compounded semiannually. Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) EAR % First National First United % As a potential borrower, which bank would you go to for a new loan? First National Bank O First United Bank

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