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The effective annual rate (EAR) for a loan with stated APR of 6% compounded monthly is closed to: A. 6.72% B. 6.00% C. 6.66% D.

The effective annual rate (EAR) for a loan with stated APR of 6% compounded monthly is closed to:

A. 6.72%

B. 6.00%

C. 6.66%

D. 6.17%

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