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A company that makes modular bevel gear drives with a tight swing ratio for optimizing fork - lift vehicles was told that the interest rate

A company that makes modular bevel gear drives with a tight swing ratio for optimizing

fork

-

lift vehicles was told that the interest rate on a loan would be an effective

3.5 %

per

quarter, compounded monthly. The owner, confused by the terminology, asked you to

help. What is the

(

)

APR, and

(

)

APY?

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