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7) A bank pays a stated annual percentage rate of 8 percent. What is the effective annual rate using the following types of compounding? i)

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7) A bank pays a stated annual percentage rate of 8 percent. What is the effective annual rate using the following types of compounding? i) Quarterly ii) Monthly iii) Continuous 8) If you take out an $8,200 car loan that calls for 48 monthly payments of $250 each, what is the APR of the loan? What is the effective annual interest rate on the loan? (This problem requires Excel)

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