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1. A) Calculate the annual effective cost of a $12,836 loan with an APR of 7.9%, compounded monthly NOTE: Answer in percentages. If your answer

1. A) Calculate the annual effective cost of a $12,836 loan with an APR of 7.9%, compounded monthly

NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.

B) Calculate the annual effective cost of a $17,205 loan with an APR of 5.99%, compounded annually, with a compensating balance requirement of 12%

NOTE: Answer in percentages. If your answer is 0.0204, you must answer 2.04. Do not use the "%" sign.

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