Can someone please answer question 2?

It is based on question 1 which I have also attached.

Please only answer this if you 100% know the answer as there has been times where the answer has actually been wrong. Thank you

Question 2 The interest rate for Mary's loan is 112 =4.6%. Calculate the effective monthly rate. Give your answer as a percentage to 4 decimal places, and do NOT include a percentage sign. Not yet saved Marked out of 1.00 Answer: Flag question Question 1 Not yet saved You have just passed ACST1001 and started a summer internship at Harrison Bank, with Peter as your supervisor. As your first task, Peter has given you some client accounts and asked you to verify some of the details. Marked out of 1.00 P Flag question The first file is for a client named Mary, who has a mortgage with the bank. You go through the file and note the following information for Mary's mortgage Initial loan: $740,000 Term of loan: 25 years Repayment frequency: End of each fortnight Interest rate on loan: 112 =4.6% . Using this information, determine the following: What is the periodicity needed given the above information? a. Monthly, since the 4.6% is a nominal annual rate compounding monthly O b. Yearly, since the term of the loan is measured in years c. Daily, since there are exactly 365 days in a year (ignoring leap years) O d. Fortnightly, since the repayments are fortnightly