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(Estimated time allowance: 10 minutes) You just bought a fancy TV on credit for $5,000 and the terms of the loan are: 3-year loan for

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(Estimated time allowance: 10 minutes) You just bought a fancy TV on credit for $5,000 and the terms of the loan are: 3-year loan for with monthly (end of the month) payments of $229.02 What is the Effective Annual Rate (EAR) of this loan? You can use a financial calculator or PV tables: Click here for opening PV tables excel file 1) 24% 2) 3% 3) 36% 4) 42.58%

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