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The Channel Co. borrowed $150,000 from a bank. The bank quoted 11.13% on the loan; however, the interest is compounded monthly. What is the effective

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The Channel Co. borrowed $150,000 from a bank. The bank quoted 11.13% on the loan; however, the interest is compounded monthly. What is the effective annual rate (EAR) on this loan? (Round 2 decimal places)

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