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QUESTION 7a Fir t National Bank charges 12% compounded monthly on its business loans. First United Bank charges 12% compounded quarterly on its business loans.

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QUESTION 7a Fir t National Bank charges 12% compounded monthly on its business loans. First United Bank charges 12% compounded quarterly on its business loans. Find the effective annual rate EAR) on each bank loan. Which bank would you go to for a loan? 4 points 7b. If you buy a 2008 used car for $8,000 with no money down. You agree to make monthly payments for 25 months beginning next month. The stated rate on the loan is 12% per year. Find the monthly car note payment. 4points 13

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