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16. Mortgage Loan - EAR. Refer to the mortgage loan scenario above. What is the effective annual rate (EAR) that they will pay on

16. Mortgage Loan - EAR. Refer to the mortgage loan scenario above. What is the effective annual rate (EAR) that they will pay on their home mortgage, if their annual percentage rate (APR) is 7.20%? a. 7.38% b. 7.47% c. 7.56% d. 7.44% c. 7.41%

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