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You borrow $50,000 from Tesla Financing to purchase A Model S. The loan terms state you will make equal annual payments for the next 7

You borrow $50,000 from Tesla Financing to purchase A Model S. The loan terms state you will make equal annual payments for the next 7 years and will pay an APR of 3.78% with the first payment due one year from today. What is the Effective Annual Rate (EAR)? What if the payment was due one month from today and not one year?

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