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In-class Exercise You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 5 years

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In-class Exercise You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 5 years (60 months), and the nominal interest rate would be 12%, with interest paid monthly. What would be the loan's EAR? EAR = (1+ APP)" 1

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