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Picabo got a $5,000 student loan for 1 year graduate study. To repay the amount she makes 12 equal monthly payments of $451.50. Answer the

Picabo got a $5,000 student loan for 1 year graduate study. To repay the amount she makes 12 equal monthly payments of $451.50. Answer the next questions. Keep two decimal places, e.g., 5.01, 10.10

  1. The effective monthly interest rate is%
  2. The effective annual interest rate is

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