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You are considering the purchase of new living room furniture that costs $1,340. The store will allow you to make weekly payments of $28.97 for

You are considering the purchase of new living room furniture that costs $1,340. The store will allow you to make weekly payments of $28.97 for one year to pay off the loan. What is the EAR of this arrangement?

26.39%
27.71%
22.30%
23.48%
24.93%

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