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Q 13: Faisal took a loan to finance his college education, to be repaid after 6 years at an interest rate of 12% compounded annually.

Q 13: Faisal took a loan to finance his college education, to be repaid after 6 years at an interest rate of 12% compounded annually. The student agreed with the bank on changing the policy from annual compounding to the equivalent monthly compounding; what is the equivalent effective interest rate per month?

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