First national bank charges 132 percent compounded monthly, Financial Management

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First national bank charges 132 percent compounded monthly

1. First National Bank charges 13.2 percent compounded monthly on its business loans. First United Bank charges 13.5 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

2. What is the future value of $2,600 in 19 years assuming an interest rate of 7.9 percent compounded semiannually?

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Financial Management: First national bank charges 132 percent compounded monthly

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Financial Management: First national bank charges 132 percent compounded monthly

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