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The Second National Bank of Fullerton advertises an APR of $11\%,$ but it indicates in the "small print" that compounding

occurs on a monthly basis for personal loans with no collateral required.

NOTE: This is a multi$-$part question. Once an answer is submitted, you will be unable to return to this part.

Determine the APY you would pay using an equation.

The APY paid would be

$\%$ per year.