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Q) The interest rate on a personal loan is 4% per month. What is the effective rate? a. 160.1% p.a. compounded annually b. 48% p.a.

Q) The interest rate on a personal loan is 4% per month. What is the effective rate?

a. 160.1% p.a. compounded annually

b. 48% p.a. compounded monthly

c. 60.10% p.a. compounded monthly

d. 60.1% p.a. compounded yearly

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