What is the effective annual rate on loan

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Reference no: EM13911586

You have a car loan with a nominal rate of 7.75 percent. With interest charged monthly, what is the effective annual rate (EAR) on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

EAR %

Reference no: EM13911586

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