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You are considering the purchase of new living room furniture that costs $1,580. The store will allow you to make weekly payments of $33.58 for

You are considering the purchase of new living room furniture that costs $1,580. The store will allow you to make weekly payments of $33.58 for one year to pay off the loan. What is the EAR of this arrangement?

Multiple Choice

22.08%
23.18%
19.98%
21.03%
18.99%

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