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 or more. Express your
answer as a percentage rounded to the nearest hundredth of a percent, if necessary.
First Bank of Lending Loan APR
Loan Amount
APR*
< $20,000
13.25%
$20,000-$99,999
10.99%
> $99,999
7.75%
*interest rates are compounded monthly