5. Jim's new credit card charges a nominal rate of 21% per year, compounded monthly. What is the effective annual rate (EAR) of the credit card? a. 18.65% b. 21.12% c. 23.14% d. 25.96% 6. You recently borrowed $26,000 to buy a new ear. You plan on making payments very month for five years until you repay the loan. If the interest rate on your loan is .9%, what are your monthly payments? a. $442.99 b. $463.81 c. $489.46 d. $500.83