A local finance company, Stockton Prudential Finance, Inc., quotes a 12 % interest on one-year loans. You want to borrow $ 50,000 today. Since the interest you will pay is .12 x $50,000 = $6,000 and you must repay $ 56,000 in one year, the company requires that you pay $56,000/12 = $ 4,666.67 per month over the next 12 months. Is this a 12% loan? What is the APR for this financial arrangement? What is EAR?