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Question content area top Part 1 You are looking to buy a car and you have been offered a loan with an APR of 6

Question content area top
Part 1
You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly.
a. What is the true monthly rate of interest?
b. What is the EAR?
(Note: Be careful not to round any intermediate steps less than six decimal places.)
Question content area bottom
Part 1
a. What is the true monthly rate of interest?
The monthly rate of interest is
enter your response here%.(Round to four decimal places.)

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