First national bank charges 104 percent compounded monthly, Financial Management

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First national bank charges 104 percent compounded monthly

First National Bank charges 10.4 percent compounded monthly on its business loans. First United Bank charges 10.6 percent compounded semiannually.

Requirement 1:

Calculate the EAR for each bank.

Requirement 2:

As a potential borrower, which bank would you go to for a new loan?

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Financial Management: First national bank charges 104 percent compounded monthly

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Financial Management: First national bank charges 104 percent compounded monthly

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