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16. A bank advertises a nominal annual interest rate of 13.00% on a loan. However, interest is compounded monthly. What is the effective interest rate

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16. A bank advertises a nominal annual interest rate of 13.00% on a loan. However, interest is compounded monthly. What is the effective interest rate on the loan? The effective interest rate is closest to: A. 12.60% B. 13.00% C. 13.40% D. 13.80% B. 14.00%

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