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(a)What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg,

(a)What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg, 2.25.) Annual percentage rate 10.44

(b) What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, eg., 2.25.) 7.25 Effective annual rate

I- Your answer is correct. What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg, 2.25.) Annual percentage rate 10.44 % e Textbook and Media Attempts: 1 of 2 used (b) X Your answer is incorrect. What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, eg, 2.25.) Effective annual rate 7.25 %

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