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If I took out a loan for$7700that charges an annual interest rate of9.7% ,compounded monthly. 1. How much will I owe after one year, assuming

If I took out a loan for$7700that charges an annual interest rate of9.7% ,compounded monthly.

1. How much will I owe after one year, assuming no payments are made.

Do not round any intermediate computations, and round your answer to the nearest cent.

2. What is 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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