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Lily Automotive wants to offer credit to its customers, with interest on outstanding balances paid monthly. To carry receivables, Lily must borrow funds from their

Lily Automotive wants to offer credit to its customers, with interest on outstanding balances paid monthly. To carry receivables, Lily must borrow funds from their bank at a nominal 16%, monthly compounding. To offset their overhead, Lily wants to charge its customers an EAR that is 5% more than the bank is charging them. What APR (Nominal) rate should Lily charge its customers?
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Lily Automotive wants to offer credit to its customers, with interest on outstanding balances paid monthly. To carry receivables, Lily must borrow funds from their bank at a nominal 16\\%, monthly compounding. To offset their overhead, Lily wants to charge its customers an EAR that is \5 more than the bank is charging them. What APR (Nominal) rate should Lily charge its customers

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