Please help! Answer is not 10.9! The answerer tried answering the question below but was incorrect.

Please help Note, there isn't "more information needed" as flagged. The question only displays this information here You are looking at a one-year loan of $20,000. The interest rate on a one-year loan is quoted as 10.9 percent plus three points. What is the EAR of this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective annual rate Is your answer affected by the loan amount? Affected Not affected Show transcribed image text View comments (1) Expert Answer Anonymous answered this 2,035 answers Was this answer helpful? Effective annul rate1(quoted rate/m)]m - 1 [I+(0.109 / 1)]1-1 =[1.0109 ] 1-1 0.109 or 10.9% Effective annual rate is not affected to loan amount. Comment >