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Explain what is the effective annual rate

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Problem 1: Bank A charges 11.6% APR on auto loans with monthly compounding. What is the Effective Annual Rate (EAR) ? (In other words, what is the EAR for a 11.6% APR with monthly compounding?) Answer in % form, with 3 decimals. For example, answer as 17.356 (not 0.17356).

Reference no: EM132644039

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