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Your firm is planning on taking out a $20,000 1-year loan with a stated interest rate of 8% add-on interest. Payments will be made monthly

Your firm is planning on taking out a $20,000 1-year loan with a stated interest rate of 8% add-on interest. Payments will be made monthly on this loan. What is the APR for this loan? What is the EAR for this loan?

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