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You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months),

You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 7% with interest paid monthly. What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places.

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