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What is the effective annual interest rate (EAR) on a 6% APR automobile loan that has monthly payments? A. 6.00% B. 6.17% C. 6.88% D.

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What is the effective annual interest rate (EAR) on a 6% APR automobile loan that has monthly payments? A. 6.00% B. 6.17% C. 6.88% D. 7.94%

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