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A loan for a new car costs the borrower 1% every month. What is the effective annual rate (EAR)? 8.24% 12.68% 6.78% 10.23%

A loan for a new car costs the borrower 1% every month. What is the effective annual rate (EAR)?

8.24%

12.68%

6.78%

10.23%

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