HELP HELP HELP
The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is between $20,000 and $99,999.
Express your answer as a percentage rounded to the nearest hundredth of a percent, if necessary.
First Bank of Lending Loan APR
Loan Amount
< $20,000
$20,000-$99,999
> $99,999
*interest rates are compounded monthly
APR*
13.25%
10.99 %
7.75%
