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9) Bank of Swansea quotes an annual percentage rate of interest (APR) at 15% compounded monthly for business loans, what would be the effective annual

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9) Bank of Swansea quotes an annual percentage rate of interest (APR) at 15% compounded monthly for business loans, what would be the effective annual interest rate of the stated APR? a) 11.60% b) 12.80% c) 15.87% d) 16.08%

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