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A bank advertises a nominal annual interest rate of 7.57.5 % on a loan. However, interest is compounded monthly. In decimal form, what is the

A bank advertises a nominal annual interest rate of

7.57.5 %

on a loan. However, interest is compounded monthly. In decimal form, what is the effective interest rate on the loan?

In decimal form, what is the effective interest rate on the loan?

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