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08-03-2024
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You are considering the purchase of new living room furniture that costs $1,100. The store will allow you to make weekly payments of $24.15 for one year to pay off the loan. What is the effective annual rate (EAR) of this loan?
A) 12.00%
B) 12.50%
C) 13.00%
D) 13.50%

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