What will be the loan EAR

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Reference no: EM132002910

You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 5% with interest paid monthly.

What will be the loan's EAR? Round your answer to two decimal places.

Reference no: EM132002910

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