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11. Calculate the effective annual rate on each of the following loans: a. A $5,000 loan for two years, 10 percent simple annual interest, with

11. Calculate the effective annual rate on each of the following loans:

a. A $5,000 loan for two years, 10 percent simple annual interest, with principal repayment at the end of the second year

b. A $5,000 loan for two years, 10 percent add-on interest, paid in 24 equal monthly installments

c. A $5,000 loan to be repaid at the end of two years, 10 percent discount rate

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