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1. The effective annual rate (EAR) for a loan with a stated APR of 8% compounded monthly is closest to ________. A) 8.30% B) 9.13%

1. The effective annual rate (EAR) for a loan with a stated APR of 8% compounded monthly is closest to ________.

A) 8.30%

B) 9.13%

C) 9.96%

D) 10.79%

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