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Suppose we have monthly payments and an APR of 12% with quarterly compounding. What is Effective Monthly Rate? Group of answer choices a) 2.65 b)

Suppose we have monthly payments and an APR of 12% with quarterly compounding. What is Effective Monthly Rate?

Group of answer choices

a) 2.65

b) 3.03

c) 0.0099

d) 1.78

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