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A loan has quarterly payments. The APR is 9%, and interest is compounded 12 time(s) per year. The effective interest rate thatA loan has quarterly

A loan has quarterly payments. The APR is 9%, and interest is compounded 12 time(s) per year. The effective interest rate thatA loan has quarterly payments. The APR is 9%, and interest is compounded 12 time(s) per year. The effective interest rate that would be needed to find the payment amount for the loan is _____%. would be needed to find the payment amount for the loan is _____%

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