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You are considering a car loan with a stated APR of 6 . 6 6 % based on monthly compounding. What is the effective annual

You are considering a car loan with a stated APR of 6.66% based on monthly compounding. What is the effective
annual rate of this loan? (Note: Be careful not to round any intermediate steps less than six decimal places.)
The effective annual rate is %.(Round to two decimal places.)
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