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Problem 6-2 Calculating the Effective Annual Interest Rate (LO2) 1 Dave had borrowed $400 for one year at an APR of 19%, compounded monthly, what

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Problem 6-2 Calculating the Effective Annual Interest Rate (LO2) 1 Dave had borrowed $400 for one year at an APR of 19%, compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "S" sign in your response.) Effective annual rate of interest

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