(2 points) (Exercise 3.28) A 48-month car loan of $16000 can be completely paid off with monthly payments of $389.86 made at the end of each month. What is the nominal rate of interest convertible monthly on this loan? a) Computed on an exact basis with a financial calculator. ANSWER = %. 200(n8) % for the equation an = g. b) Approximated by the formula i a g(n+1) (Note: The formula gives the approximated interest rate per payment period. To find the approximated nominal interet rate per year, you need to multiply it by the number of payments per year.) ANSWER = %