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You want to borrow $47,170 from your local bank to buy a new sailboat. To pay off the loan in four years, you have to

You want to borrow $47,170 from your local bank to buy a new sailboat. To pay off the loan in four years, you have to make monthly payments of $1,160. Assume monthly compounding. What is the APR on this 48-month loan? What is the EAR on this 48-month loan? How would you do this on a BAII Plus Calculator?

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