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Last national bank charges 625 percent compounded monthly

Calculating EAR

Last National Bank charges 6.25 percent compounded monthly on its business loans. First Diversified Bank charges 6.30 percent compounded semiannually. As a potential borrower, which bank would you go to for a new loan?

Effective rate of 6.25 percent compounded monthly: ____________%

Effective rate of 6.30 percent compounded semiannually: _____________%

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Finance Basics: Last national bank charges 625 percent compounded monthly

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