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You need to borrow $40,000 to buy a car. The loan will require monthly payments of $885.20 over each of the next 4 years. ***Please

You need to borrow $40,000 to buy a car. The loan will require monthly payments of $885.20 over each of the next 4 years.

***Please show work!***

  1. What is the periodic (monthly) interest rate on this loan?
  1. What is the quoted annual rate on this loan?
  1. What is the EAR on this loan?

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