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You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly. a. What is the

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You are looking to buy a car and you have been offered a loan with an APR of 6.1%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate steps less than six decimal places.) a. What is the true monthly rate of interest? The monthly rate of interest is \%. (Round to four decimal places.) b. What is the EAR? The EAR is %. (Round to four decimal places.)

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