Question: Question content area top Part 1 You are considering a car loan with a stated APR of 6 . 6 3 6 . 6 3

Question content area top
Part 1
You are considering a car loan with a stated APR of
6.636.63%
based on monthly compounding. What is the effective annual rate of this loan?
(Note:
Be careful not to round any intermediate steps less than six decimal places.)

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