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A loan is offered with monthly payments and a 7 . 5 0 percent APR. What's the loan's effective annual rate ( EAR ) ?

A loan is offered with monthly payments and a 7.50 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).
Effective annual rate
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