Your bank has agreed to grant you a discount loan with an APR of 3.25%.If you need $15,000 today,the loan is to be repaid in full in one year,and the total interest to be paid is $555,what is the EAR of the loan?
A) 3.25%
B) 3.45%
C) 3.59%
D) 3.70%
Correct Answer:
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