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1. You are looking to buy a car and you have been offered a loan with an APR of 6.3%, compounded monthly a. What is

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1. You are looking to buy a car and you have been offered a loan with an APR of 6.3%, compounded monthly a. What is the true monthly rate of interest? b. What is the EAR? a. What is the true monthly rate of interest? The monthly rate of interest is %. (Round to four decimal places.) b. What is the EAR? The EAR is %. (Round to four decimal places.)

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