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A bank offers you a loan that will require you to pay 7% interest compounded monthly. Which of the following is closest to the EAR

A bank offers you a loan that will require you to pay 7% interest compounded monthly. Which of the following is closest to the EAR charged by the bank?

A. 7.56%

B. 5.04%

C. 8.68%

D. 7.23%

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