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Posted on Aug 16, 2024

A loan has a stated annual rate of 1 7 . 9 % . If loan payments are made monthly and interest is compounded monthly,

A loan has a stated annual rate of

17.9 % .

If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest?

(

Show your answer to the fourth decimal place, as a decimal, NOT as a percentage. DO NOT round until after all calculations have been completed and you have reached your final answer.

)

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