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You are considering the purchase of new living room furniture that costs $1,560. The store will allow you to make weekly payments of $33.10 for

You are considering the purchase of new living room furniture that costs $1,560. The store will allow you to make weekly payments of $33.10 for one year to pay off the loan. What is the EAR of this arrangement?

a. 22.75%

b. 18.66%

c.21.67%

d.20.66%

e. 19.65%

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