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a. The monthly simple interest is 0.5%. What is the yearly simple interest rate? b. The nominal monthly rate is 0.5%. What is the annual

a. The monthly simple interest is 0.5%. What is the yearly simple interest rate?

b. The nominal monthly rate is 0.5%. What is the annual effective interest rate?

c. Jonathan borrow $1, 450 for one year at a discount rate X. He has the use of an extra $1, 320. Find X and the annual interest rate that this is equivalent to.

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