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What is the effective annual rate

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Question: APR versus EAR. The going rate on student loans is quoted as 9 percent APR. The terms of the loan call for monthly payments. What is the effective annual rate, or EAR, on such a student loan? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131728145

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