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1. Jim's 1998 mini-van is functional. He purchased it in 1998 for $11,000 from a bank which required he make a down payment of $2500 at a 3% annual interest rate. This was the bank's original offer: a) If, as an alternative, the bank decided to charge Jim at 2% every 6 months what would Jims nominal interest rate be? b) What is the effective interest rate per period of this purchase?