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A bank will lend you $6,000 today with terms that require you to pay off the loan in 24 monthly installments of $310 each. What

A bank will lend you $6,000 today with terms that require you to pay off the loan in 24 monthly installments of $310 each. What is the effective annual rate (EAR) of interest the bank is charging you? Hint: There are two separate steps to solve this problem. Use the TVM keys on the financial calculator for the first step.

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