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Suppose you borrow $9,875 and then repay the loan by making 12 monthly payments of $863.58 each. What is the effective annual rate (EAR) you

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Suppose you borrow $9,875 and then repay the loan by making 12 monthly payments of $863.58 each. What is the effective annual rate (EAR) you are paying? Show clearly all work, carrying all calculations out to four (4) decimal places. Highlight in bold your answer. (5 pts)

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