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Andrew just borrowed $70000 to buy a new carrot harvester. The terms of the loan require him to make equal monthly payments for 9 years.

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Andrew just borrowed $70000 to buy a new carrot harvester. The terms of the loan require him to make equal monthly payments for 9 years. His first payment is due in one month. If Andrew must pay $1000 per month, then what is the EAR of his loan? 10.89% -28.75% 0.87% 10.38% Answer not listed or not possible

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