The First Bank of Lending lists the following APR for loans. Determine the APY, or effective interest rate, for a loan amount that is less than $⁢20,000. Round your answer to the nearest hundredth, if necessary. First Bank of Lending Loan APR Loan Amount APR* <$20,000 12.25% $20,000–$99,999$ 9.99% >$99,999   6.75%   * interest rates are compounded quarterly

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