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The bank charges $500 for closing costs on a $17000 loan with an APR of 11% compounded monthly with a term of five years. The

The bank charges $500 for closing costs on a $17000 loan with an APR of 11% compounded monthly with a term of five years. The bank will not allow the closing costs to be added to the $17,000 borrowed. What effect does the closing costs have on the effective annual interest?

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