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To buy an engagement ring for his girlfriend, Martin is considering a loan of $10,000 from Tiffney. He will pay 36 monthly installments of $500

To buy an engagement ring for his girlfriend, Martin is considering a loan of $10,000 from Tiffney. He will pay 36 monthly installments of $500 each. What is the effective annual rate of interest (EAR) that Tiffney is charging?

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