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3. (1pt) You want to buy a piece of farm equipment for $400,000 and the finance office has quoted you a loan with an APR

3. (1pt) You want to buy a piece of farm equipment for $400,000 and the finance office has quoted you a loan with an APR of 12% compounded monthly for 10 years to make the purchase. What will your monthly payments be? What is the effective annual rate (EAR) on this loan?

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