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A bank offers a loan that will requires you to pay 14% interest compounded monthly. Which of the following is closest to the EAR charged

A bank offers a loan that will requires you to pay 14% interest compounded monthly. Which of the following is closest to the EAR charged by the bank?

A.

29.8%

B.

11.92%

C.

14.9%

D.

17.88%

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