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You want to buy a new sports coupe for $132,500, and the finance office at the dealership has quoted you an APR of 11 percent

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You want to buy a new sports coupe for $132,500, and the finance office at the dealership has quoted you an APR of 11 percent with monthly compounding for a 96-month loan to buy the car. What is the effective annual rate on this loan? 12.48% 10.93% 12.64% 13.31% 11.57%

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