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Posted on Aug 05, 2024

You have a car loan with a nominal rate of 4 . 9 5 percent. With interest charged monthly, what is the effective annual rate

You have a car loan with a nominal rate of

4.95

percent. With interest charged monthly, what is the effective annual rate

(

EAR

)

on this loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to

2

decimal places.

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