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The stated interest rate (or APR) that a bank charges on its home loans is 8.00% and the effective annual interest rate has been computed

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The stated interest rate (or APR) that a bank charges on its home loans is 8.00% and the effective annual interest rate has been computed as 8.16%. Based on this information, interest is most likely being compounded on a Daily basis. O Quarterly basis. O Monthly basis. Semi-annual basis

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