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Your bank has agreed to grant you a discount loan with an APR of 3.25%. If you need $15,000 today, the loan is to be

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Your bank has agreed to grant you a discount loan with an APR of 3.25%. If you need $15,000 today, the loan is to be repaid in full in one year, and the total interest to be paid is $555, what is the EAR of the loan? A. 3.70% B. 3.45% C. 3.59% D. 3.25%

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