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a 7. Banks and other lenders are required to disclose a rate called the APR. Explain what the APR is. Is it the same as

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a 7. Banks and other lenders are required to disclose a rate called the APR. Explain what the APR is. Is it the same as the effective annual rate? Why did Congress require that it be disclosed? If you were comparing the costs of loans from different lenders, could you use their APRs to determine which loan has the "best" interest rate? (3 points)

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