First national bank charges 113 percent compounded monthly, Financial Management

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First national bank charges 113 percent compounded monthly

First National Bank charges 11.3 percent compounded monthly on its business loans. First United Bank charges 11.4 percent compounded semiannually. As a potential borrower, you decide to compare their effective annual rates. First National Bank's business loans have an EAR of ___ percent, whereas First United Bank's loans have an EAR of ___ percent.

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Financial Management: First national bank charges 113 percent compounded monthly

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Financial Management: First national bank charges 113 percent compounded monthly

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