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Banks sometimes quote interest rates in the form of add-on interest. In this case, if a 1-year loan is quoted with a 11.0% interest rate

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Banks sometimes quote interest rates in the form of "add-on interest." In this case, if a 1-year loan is quoted with a 11.0% interest rate and you borrow $1,000, then you pay back $1,272. But you make these payments in monthly installments of $106 each. a. What is the true APR on this loan? b. What is the effective annual rata on the loan

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