Question: Problem 9-25 Effective Annual Rate (LO2, CFA1) You have a car loan with a nominal rate of 4.95 percent. With interest charged monthly, what is

Problem 9-25 Effective Annual Rate (LO2, CFA1)

You have a car loan with a nominal rate of 4.95 percent. With interest charged monthly, what is the effective annual rate (EAR) on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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