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3. You are quoted an APR (Annual Percentage Rate) on a loan of .052. The APR is a stated rate. The loan has semi-annual compounding.

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3. You are quoted an APR (Annual Percentage Rate) on a loan of .052. The APR is a stated rate. The loan has semi-annual compounding. a. What is the periodic semi-annual rate? Write as a decimal and carry out 4 places. b. What is the equivalent effective monthly rate? (Write as a decimal and carry out 6 decimal places.)

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