A loan of $3,500 for a new, high-end laptop computer is to be repaid in 13 end-of-month payments (starting one month from now). The monthly payments are determined as follows. Loan principal Interest for 13 months at 1.5% per month Loan application fee Total Monthly payment = $4,500.21/13 = $346.1 7 $3,500 682.50 317.71 $4,500.21 What nominal and effective interest rates per year are actually being paid? Hint: Draw a cash-flow diagram from the perspective of the lender