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BancorpSouth charges you an APR of 8.25 percent, compounded quarterly, on your car loan. What is the effective annual rate on this loan? A) 8.42%

BancorpSouth charges you an APR of 8.25 percent, compounded quarterly, on your car loan. What is the effective annual rate on this loan?

A) 8.42%

B) 8.38%

C) 8.51%

D) 8.32%

E) 8.61%

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