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Ginny Bank is advertising an annual interest rate of 4.80% on car loans. What is the effective annual rate on these loans? Borrowers are required

Ginny Bank is advertising an annual interest rate of 4.80% on car loans. What is the effective annual rate on these loans? Borrowers are required to make monthly payments.

Select one:

a. 4.48%

b. 4.72%

c. 4.80%

d. 4.91%

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