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7. (10 pts) The Phi Nancy Company will lend you $20,000 for your new car purc requires that you pay the loan back in monthly

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7. (10 pts) The Phi Nancy Company will lend you $20,000 for your new car purc requires that you pay the loan back in monthly payments of $950 each, for a total of thirty-six monthly payments. What is the annual percentage rate (APR) and the effective annual rate (EAR) that Phi Nancy requires on this loan

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