An interest rate of 24% per year compounded monthly is equivalent to an effective annual interest rate of: Round the answer to one decimal place. Enter only numbers in your answer (e.g., XX.X). You must use equations. QUESTION 18 Sanjeev borrows $35,000 at 10% compounded annually. If the loan is repaid in five equal annual payments, what will be the size of Sanjeev's payments if the first payment is made one year after borrowing the money? You must use equation(s) to solve this