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A car loan requiring quarterly payments carries an APR of 11.50%. What is the effective annual rate of interest (EAR)? Multiple Choice 13.81% 12.01% 13.21%

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A car loan requiring quarterly payments carries an APR of 11.50%. What is the effective annual rate of interest (EAR)? Multiple Choice 13.81% 12.01% 13.21% 14.41%

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