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If the APR on a loan is 20.75%, with interest paid monthly, what is the effective annual rate (EFF% or EAR) on the loan? a.

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If the APR on a loan is 20.75%, with interest paid monthly, what is the effective annual rate (EFF% or EAR) on the loan? a. 22.84% O b. 18.96% Oc. 25.81% O d. 17.36% O e. 23.76%

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