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EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 7.75% (APR) over the next twenty years and paid with

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EAR. What is the effective annual rate (EAR) of a mortgage that is advertised at 7.75% (APR) over the next twenty years and paid with monthly payments? What is the effective annual rate of the mortgage at 7.75% APR with monthly payments? % (Round to two decimal places.)

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