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Problem 5 - 1 1 Spreadsheet Problem: Effective Annual Rate ( LG 5 - 7 ) A loan is offered with bi - weekly payments

Problem

5 - 11

Spreadsheet Problem: Effective Annual Rate

(

5 - 7)

A loan is offered with bi

-

weekly payments

(26

payments per year

)

and a

16.00

percent APR. What's the loan's effective annual rate

(

EAR

?

Note: Round your final answer to

2

decimal places. Effective annual rate

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