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Explain when you should use the: nominal rate ( INOM ) , periodic rate ( IPER ) , effective annual rate ( EFF % )

Explain when you should use the: nominal rate (INOM ), periodic rate (IPER ), effective annual rate (EFF%), and annual percentage rate (APR). Can you think of a way to modify the APR so that it would be more helpful? If so, how would you calculate that rate?

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