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A loan is offered with monthly payments and a 10 percent APR. What is the loan's effective annual rate (EAR)? Multiple Choice 10.00 percent 10.47

A loan is offered with monthly payments and a 10 percent APR. What is the loan's effective annual rate (EAR)?

Multiple Choice

10.00 percent
10.47 percent
12.67 percent
11.20 percent

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