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7. Ed Pines Finance Inc. offers a 6% plan. The cost of a one-year loan is 6%, and this cost is added to the loan.

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7. Ed Pines Finance Inc. offers a "6% plan". The cost of a one-year loan is 6%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the nominal and effective interest rates being charged for a loan of $6,000

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