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Calculate the annual percentage rate on the loan

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Reference no: EM132645948

Question 1: First National Bank charges 7% APR, compounded weekly, on its business loans. Calculate the effective annual rate on this loan. (Enter percentages as decimals and round to 4 decimals)

Question 2: Second National Bank charges a 6% effective annual rate on its business loans. Assuming quarterly compounding, calculate the annual percentage rate on this loan. (Enter percentages as decimals and round to 4 decimals)

Question 3: Third National Bank charges a 4% APR, compounded monthly, on its business loans. Calculate the monthly period rate on this loan. (Enter percentages as decimals and round to 4 decimals)

Reference no: EM132645948

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