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(Related to Checkpoint 5.7) (Calculating an EAR) Alter examining the various personal loan rates walable to you. you find that you can borrow funds from

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(Related to Checkpoint 5.7) (Calculating an EAR) Alter examining the various personal loan rates walable to you. you find that you can borrow funds from a finance company at 9 percent compounded monthly or from a bank at 10 percent compounded semiannually. Which alternative is more attractive? If you can borrow funds from a finance company at 9 percent compounded monthly, the EAR for the loan is [%. (Round to two decimal places)

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