The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is $100,000$⁢100,000 or more. Round your answer to the nearest...






The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is $100,000$⁢100,000 or more. Round your answer to the nearest hundredth, if necessary.









First Bank of Lending Loan APR





















Loan AmountAPR*
<><>12.25%12.25%
$20,000–$99,999$⁢20,000–$⁢99,9999.99%9.99%
>$99,999>$⁢99,9996.75%6.75%

* interest rates are compounded daily






Jun 03, 2022
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