Calculating effective annual rate

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Calculating Effective Annual Rate First National Bank charges 11.2 percent compounded monthly on its business loans. First United Bank charges 11.4 percent compounded semiannually. As a potential borrower, to which bank would you go for a new loan?

Reference no: EM131499120

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Calculating effective annual rate : Calculating Effective Annual Rate First National Bank charges 11.2 percent compounded monthly on its business loans.

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