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You are considering a car loan with a stated APR of 5 . 7 1 % based on monthly compounding. What is the effective annual

You are considering a car loan with a stated APR of

5.71 %

based on monthly compounding. What is the effective annual rate of this lo

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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