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9. A loan has a stated interest rate of 0.97% every month. What is the EAR for this loan? Be careful with this wording. It

9. A loan has a stated interest rate of 0.97% every month. What is the EAR for this loan? Be careful with this wording. It is intentional. EAR-1+Apm)-1 = (1 +1.5929-1 m = 2,4612365 6+.97 341-41.07)_ _1 = (1.0195)-1 = 34166.60-143415.60 APR 1K * m= .n * 12 = 11.64

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