First National Bank charges 14.4 percent compounded monthly on its business loans. First United Bank charges 14.7 percent compounded semiannually. |
Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) |
As a potential borrower, which bank would you go to for a new loan?
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