The Business Development Bank is willing to loan Alysha the $38,000 she needs to start her new business. The loan will require nonthly payments of $964.95 over 5 years. What is the effective monthly rate on this loan? (Round answer to 1 decimal place, e.g. 15.2\%. Do not round your intermediate calculations.) Effective monthly rate % eTextbook and Media With monthly compounding, what is the nominal (annual) interest rate on this loan? (Round answer to 1 decimal place, e.g. 15.2\%.)