Effective Annual Rate
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First Choice Bank charges 9% APR compounded quarterly on its business loans. National Emerald Bank charges 3% APR compounded monthly. What are the EARs for the two banks, which bank is the better choice?
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EAR for First Choice Bank = (1+.09/4)^4-1 = 9.3083%
EAR for National Emerald Bank = ...
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