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To borrow $2,700, you are offered an add-on interest loan at 10.7 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer

To borrow $2,700, you are offered an add-on interest loan at 10.7 percent with 12 monthly payments.

Compute the 12 equal payments. (Round your answer to 2 decimal places.)

Equal payment

Compute the EAR of the loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.)

EAR

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