Attempts: 0 Keep the Highest: 0/5 3. Problem 5.28 (Nominal Interest Rate and extending Credit) eBook As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid monthly. To carry receivables, you must borrow funds from your bank at a nominal 5%, monthly compounding. To offset your overhead, you want to charge your customers an EAR (or EFF%) that is 3% more than the bank is charging you. What APR rate should you charge your customers? Do not round intermediate calculations. Round your answer to two decimal places. 70 Grade it Now Save & Continue Continue without saving