Multiple Choice
What is the EAR for a $100 loan when the interest is compounded monthly and the stated annual interest rate is 6.00 percent?
A) 6.00 percent
B) 6.39 percent
C) 6.17 percent
D) 7.52 percent
E) 8.21 percent
Correct Answer:
Verified
Correct Answer:
Verified
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