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Homer and Marge bought a used car for $11,580 by getting a loan from the Springfield Bank. They are paying the bank 36 monthly payments

Homer and Marge bought a used car for $11,580 by getting a loan from the Springfield Bank. They are paying the bank 36 monthly payments of $401.42. What is the EAR of this loan?

		11.72%
		13.91%
		16.08%
		18.56%

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