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Assume you visit a Checks 'R Us to see what their rates are on loans. If they quote an APR of 10.3060%, and they charge

Assume you visit a Checks 'R Us to see what their rates are on loans. If they quote an APR of 10.3060%, and they charge interest each month, what is your effective annual rate if you take loans out for the full year? Multiple Choice 0.1081% 10.3060%

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