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Current Attempt in Progress Michael Jones bought a Honda Civic for $17,345. He put...

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Accounting

Current Attempt in Progress
Michael Jones bought a Honda Civic for $17,345. He put down $6,000 and financed the rest through the dealer at an AP of 6.10 percent for four years. What is the effective annual interest rate (EAR) if the loan payments are made monthly? (Round answer to 2 decimal places, eg.15.25%.)
Effective Annual interest rate
%
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