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8) What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments? a. 9.00% b. 9.38% c. 9.81% d.

8) What is the effective annual interest rate on a 9% APR automobile loan that has monthly payments? a. 9.00% b. 9.38% c. 9.81% d. 10.94%

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