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A bank quotes an APR of 8.35% to a borrower for a mortgage. The loan requires the borrower to make monthly payments. Compute the APY

A bank quotes an APR of 8.35% to a borrower for a mortgage. The loan requires the borrower to make monthly payments. Compute the APY that the bank is charging for this mortgage.

	A.	8.39%
	B.	8.56%
	C.	cannot be determined without information on loan amount and monthly payments
	D.	8.35%
	E.	8.68%

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