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Ralph Renner just borrowed $25,000 to pay for a new sports car. He took out a 60-month loan and his car payments are $634.84 per

Ralph Renner just borrowed $25,000 to pay for a new sports car. He took out a 60-month loan and his car payments are $634.84 per month. What is the effective annual interest rate (EAR) on Ralph's loan? Round the answer to 2 decimal places.

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