Jean takes out a loan to be repaid in 120 monthly payments of $3,000 each, the first payment being due one month after the date of the loan. The nominal annual interest rate is 6%, convertible monthly. Immediately after making the 60th payment, Jean negotiates to pay the bank a lump sum of $150,000 to pay off the loan. Determine the effective annual yield to the lender over the life of the loan. Possible Answers A