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What is the effective annual interest rate (EAR) of 3-year car loan for $20,000 that has monthly (end of the month) payments of $664.29? Question

What is the effective annual interest rate (EAR) of 3-year car loan for $20,000 that has monthly (end of the month) payments of $664.29?

Question 16 options:

1)

12%

2)

12.68%

3)

1%

4)

36%

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