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A car loan requiring quarterly payments carries an APR of 12%. What is the effective annual rate of interest (EAR)? Multiple Choice 11.50% 12.00% 12.56%

A car loan requiring quarterly payments carries an APR of 12%. What is the effective annual rate of interest (EAR)? Multiple Choice

11.50%

12.00%

12.56%

13.14%

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