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James Smith bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 4.1 percent

James Smith bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 4.1 percent for four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly? (Round answer to 2 decimal places e.g. 15.25%.)

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