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A loan is offered with monthly payments and a 12.25 percent APR. What's the loan's effective annual rate (EAR)? Note: Do not round intermediate calculations

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A loan is offered with monthly payments and a 12.25 percent APR. What's the loan's effective annual rate (EAR)? Note: Do not round intermediate calculations and round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34)

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