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You have a car loan with a nominal rate of 6.27 percent. With interest charged monthly, what is the effective annual rate (EAR) on this

You have a car loan with a nominal rate of 6.27 percent. With interest charged monthly, what is the effective annual rate (EAR) on this loan?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

EAR = _____%

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