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Effective annual interest rate charged

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If Dave had borrowed $500 for one year at an APR of 5%, compounded monthly, what would have been the effective annual interest rate charged on the loan

Reference no: EM132515732

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Effective annual interest rate charged : If Dave had borrowed $500 for one year at an APR of 5%, compounded monthly, what would have been the effective annual interest rate charged on the loan
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