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Vito Corleone will loan you money on a ten-for-twelve arrangement; i.e., for every $10 he gives you today, you give him $12 on payday, which

Vito Corleone will loan you money on a “ten-for-twelve” arrangement; i.e., for every $10 he gives you today, you give him $12 on payday, which is two months from now. What is the EAR of this loan?

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