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The question asks to determine the APY (Annual Percentage Yield), or effective interest rate, for a loan amount of $100,000 or more, based on the APR provided. For loan amounts greater than $99,999, the APR is 4.75%, and the interest is compounded monthly.

To calculate the APY from the APR when the interest is compounded monthly, we can use the following formula:

\[
APY = \left( 1 + \frac{r}{n} \right)^n - 1
\]

Where:
- $r$ is the annual interest rate (in decimal form),
- $n$ is the number of compounding periods per year.

For this problem:
- $r = 0.0475$ (the APR of 4.75%),
- $n = 12$ (since interest is compounded monthly).

Let me calculate the APY for you.The APY (Annual Percentage Yield) for a loan amount of $100,000 or more with an APR of 4.75% compounded monthly is approximately **4.85%**.

Would you like more details on the calculation or have any further questions?

Here are five related questions:
1. How does the APY change if the loan is compounded quarterly instead of monthly?
2. What is the difference between APR and APY?
3. How would the APY be calculated for a loan under $20,000 with an APR of 10.25%?
4. Can you calculate the monthly payment for a loan of $100,000 with a 4.75% APR?
5. How does compound interest affect long-term loans?

**Tip**: Always ensure you know whether interest is compounded monthly, quarterly, or annually, as it affects the APY.

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. Round your answer to the nearest hundredth, if necessary. The APR for loans greater than $99,999 is 4.75%, and interest is compounded monthly.

Learn how to calculate the Annual Percentage Yield (APY) for a loan with a 4.75% APR compounded monthly. This math problem involves understanding compound interest, suitable for students in Grades 10-12.

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