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Question #5: You make monthly payments on a loan. What is the effective annual interest rate for a loan with a 12% nominal annual interest

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Question #5: You make monthly payments on a loan. What is the effective annual interest rate for a loan with a 12% nominal annual interest rate if the loan is compounded...? SHOW YOUR WORK FOR BOTH ...monthly. Answer (7.5 pts) work ...quarterly. Answer (7.5 pts) work

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