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5) You are looking for home office furniture that costs $1,100. OfficeForce is providing financing for your purchase if you make monthly payments of $105.00

5) You are looking for home office furniture that costs $1,100. OfficeForce is providing financing for your purchase if you make monthly payments of $105.00 for 1 year to pay off the loan. What is the Effective Annual Rate (EAR) of this financing?

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