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Richard Miller bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 6.5 percent

Richard Miller bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an APR of 6.5 percent fit four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly?

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