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Which of the following is incorrect about the Effective Annual Rate? a. It is the contractual annual rate of interest charged by a lender. b.

Which of the following is incorrect about the Effective Annual Rate? a. It is the contractual annual rate of interest charged by a lender. b. It is the contractual annual rate of interest promised by a borrower. c. It is the annual rate of interest actually paid or earned. d. None

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