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Problem 5-59 Effective Interest Rate (L04) Assume you take out a car loan of $7,400 that calls for 60 monthly payments of $180 each. a.

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Problem 5-59 Effective Interest Rate (L04) Assume you take out a car loan of $7,400 that calls for 60 monthly payments of $180 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) APR b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) EAR

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