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First national bank charges 137 percent compounded monthly

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First National Bank charges 13.7 percent compounded monthly on its business loans. First United Bank charges 14.0 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))

Reference no: EM13616775

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