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QUESTION
A loan has monthly payments. The APR is 14%, and interest is compounded 1 time(s) per year. Calculate the effective interest rate that would be...
A loan has monthly payments. The APR is 14%, and interest is compounded 1 time(s) per year. Calculate the effective interest rate that would be needed to find the payment amount for the loan. Enter your interest rate in decimal format, rounded to 4 decimals (ex: for 4.56789% you would enter .0457).
