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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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