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You are considering a car loan with a stated APR of 6.98% based on monthly compounding. What is the effective annual rate of this loan?

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You are considering a car loan with a stated APR of 6.98% based on monthly compounding. What is the effective annual rate of this loan? The effective annual rate is %. (Round to two decimal places.) (Note: Be careful not to round any intermediate steps less than six decimal places.)

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