A consumer loan is quoted at r=3.6% APR with monthly compounding. Your friend is used to semi-annual compounding, though, and asks you to translate the loan quote into an APR with semi-annual compounding. What is that rate? Please express the answer in percent. The precision required here is at least 1bp, meaning that the answer should be correct up to the second decimal digit. (Thus, if you compute 0.024345, you should enter 2.43 or more precise.) A consumer loan is quoted at r=3.6% APR with monthly compounding. Your friend is used to semi-annual compounding, though, and asks you to translate the loan quote into an APR with semi-annual compounding. What is that rate? Please express the answer in percent. The precision required here is at least 1bp, meaning that the answer should be correct up to the second decimal digit. (Thus, if you compute 0.024345, you should enter 2.43 or more precise.)