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The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less

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The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less than $20,000. Round your answer to the nearest hundredth, if necessary First Bank of Lending Loan APR Loan Amount $99,999 5.75 % interest rates are compounded ovarterly

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