First national bank charges 167 percent compounded monthly, Financial Management

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First national bank charges 167 percent compounded monthly

First National Bank charges 16.7 percent compounded monthly on its business loans. Calculate the EAR for First National Bank.

(Enter your answer as a percentage, omit the "%" sign in your response, and round your answer to 2 decimal places. For example, 0.12345 or 12.345% should be entered as 12.35.)

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Financial Management: First national bank charges 167 percent compounded monthly

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Financial Management: First national bank charges 167 percent compounded monthly

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