Homework: Chapter 3 Graded Homework Save Score: 0 of 1 pt 7 of 15 (14 complete) ? Hw Score: 60%, 9 of 15 pts Problem 3.LO2.8 (similar to) Question Help * A bank advertises a nominal annual interest rate of 10.9% on what is the effective interest rate on the loan? a loan. However, interest is compounded monthly. In decimal form, In decimal form, what is the effective interest rate on the loan? 11.461 (Enter your answer in decimal form. Round to four decimal places)