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55. Ellective Interest Rate. Find the effective annual interest rate for each case. (L05-4) APR 12% Compounding Period 1 month 10 56. Effective Interest Rate.

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55. Ellective Interest Rate. Find the effective annual interest rate for each case. (L05-4) APR 12% Compounding Period 1 month 10 56. Effective Interest Rate. Find the APR (the stated interest rate) for each case. (L05-4) Effective Annual Interest Rate 10.00% 6.09 8.24 Compounding Period 1 month 57. Effective Interest Rate. Lenny Loanshark charges "1 point" per week (that is, 1% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a year. What is the effective annual rate? (L054)

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