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A bank loan that charges interest at the rate of 1.5% per month would have an effective annual rate (EAR) ofand a) 12.65%:13.40% b) 13.35%:12.60%

A bank loan that charges interest at the rate of 1.5% per month would have an effective annual rate (EAR) ofand a) 12.65%:13.40% b) 13.35%:12.60% c) 16.68%:15.00% d) 19.56%:18.00% an APR of (O

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