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Dan took out a loan for$7400 that charges an annual interest rate of9.9%,compounded monthly. A, Find the amount owed after one year, assuming no payments
Dan took out a loan for$7400 that charges an annual interest rate of9.9%,compounded monthly.
A, Find the amount owed after one year, assuming no payments are made.
Do not round any intermediate computations, and round your answer to the nearest cent.
B, Find the effective annual interest rate, expressed as a percentage.
Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent
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