. As an electronics store manager, you want to offer credit to your customers. The customers will pay interest on the outstanding balance to the store manager as a compensation for buying more time to make payment on the purchase. The interest on outstanding balances will be paid monthly. However, you need to finance working capital so that the daily operations are not halted. Therefore, you must borrow funds from your bank at a quoted interest rate of 8%, monthly compounding. To offset your overhead, you want to charge your customers the effective rate of interest that is 1.5% more than the bank is charging you. What nominal rate should you charge your customers?