5-38. A loan of $3,000 for a new, high-end laptop computer is to be repaid in 15 end-of-month payments (starting one month from now). The monthly payments are determined as follows. Loan principal $3,000 Interest for 15 months at 1.5% per month 675 Loan application fee 150 Total $3,825 Monthly payment = $3,825/15 = $255 What nominal and effective interest rates per year are actually being paid? Hint: Draw a cash-flow diagram from the perspective of the lender. (5.6)