a. The nominal interest is __% per year

b. The effective interest is __% per year

A loan of $3,000 for a new, high-end laptop computer is to be repaid in 14 end-of- month payments (starting one month from now). The monthly payments are determined as follows. Loan principal $3,000 $ Interest for 14 months at 1.7% per month 714.00 Loan application fee 80.56 Total $3,794.56 Monthly payment = $3,794.56/14 = $271.04 What nominal and effective interest rates per year are actually being paid? Hint: Draw a cash-flow diagram from the perspective of the lender. DUUUU $271.04. $271.04.-2---- --- 0 0 1 2 2 3 14 15 1 2 2 3 14 15 $3,000 C. OD. $3,000 $271.04. $271.04. 1 2 3 3 13 14 0 0 1 2 2 3 3 13 14 $3,000 The nominal interest rate is % per year. (Round to one decimal place.)