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You are looking at a one-year loan of $11,500. The interest rate on a one-year loan is quoted as 12.4 percent plus two points. What

You are looking at a one-year loan of $11,500. The interest rate on a one-year loan is quoted as 12.4 percent plus two points. What is the EAR? (Round your answer to 2 decimal places. (e.g., 32.16))

effective annual rate = ? %

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