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11) What is the effective rate of interest on a loan that charges you 8% compounded monthly? A. 8.48% B. 8.30% C. 8.00% D. 7.74%

11) What is the effective rate of interest on a loan that charges you 8% compounded monthly?

A. 8.48%

B. 8.30%

C. 8.00%

D. 7.74%

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