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You took out a car loan that compounds interest rate monthly and has an effective annual rate of 9.18%. What is the annual percentage rate

You took out a car loan that compounds interest rate monthly and has an effective annual rate of 9.18%.

What is the annual percentage rate (APR)?

Select one:

a. 9.55%

b. 8.81%

c. 8.08%

d. 9.18%

e. 7.35%

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