Question 6 You borrow $3,000 from Gougo's, a well-known loan consolidation outfit. The loan is an "unbelievably low" 3.0% per month compounded monthly. You have 2 years to pay back the loan. Click here to access the TVM Factor Table Calculator What is the nominal annual interest rate? % Round entry to one decimal place. Tolerance is +2. What is the effective annual interest rate? % Round entry to one decimal place. Tolerance is +2. If you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? Use the "period interest rate" approach. $ Round entry to the nearest dollar. Tolerance is +4. If you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? Use the "effective interest rate" approach. $ Round entry to the nearest dollar. Tolerance is +4