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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 APR* 14.25% Loan Amount $99.999 11.99 % 8.75 % interest rates are compounded daily Formulas

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