EOC Problems $5-14$

Question $7$ of $25$

Problem $5-14$ Nominal Interest Rates

A load has an annual effective rate of $8\mathrm{.}50\%.$ For monthly compounding, what is the annual percentage rate? What is the monthly rate charged?

$\backslash$table$[[$Effective Rate,Compound per Year$],[8\mathrm{.}50\%,12]]$

What is the annual percentage rate? Do not round intermediate calculations.

TThe annual percentage rate is

$\%.$ Round your answer to the nearest two decimal places.

What is the monthly rate charged?

The monthly rate charged is

$\%.$ Round your answer to the two decimal places.