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What is an effective annual rate

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What is an effective annual rate? Isnt it 7.75 %?

The sticker price is $35,000. Provincial sales taxes of 15% would apply. Amal has $5,000 to use as a down payment. The bank will charge her 7.75% on her car loan, compounded monthly. She will make monthly loan payments.

Reference no: EM132013473

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