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Which statements are false with respect to the Effective Interest Rate and the Annual Percentage Rate (APR)? I. The Effective Interest Rate is always higher

Which statements are false with respect to the Effective Interest Rate and the Annual Percentage Rate (APR)?

I. The Effective Interest Rate is always higher than the Annual Percentage Rate. II. The Annual Percentage Rate is always higher than the Effective Interest Rate. III. The Effective Interest Rate can never equal the Annual Percentage Rate.

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