The Business Development Bank is willing to loan Alysha the $$30,000$ she needs to start her new business. The loan will require

monthly payments of $$685\mathrm{.}67$ over $5$ years.

Your answer is incorrect.

What is the effective monthly rate on this loan? $($Round answer to $1$ decimal place, e$.$g$.15\mathrm{.}2\%.$ Do not round your

intermediate calculations.$)$

Effective monthly rate

$\%$

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$\backslash$times Your answer is incorrect.

With monthly compounding, what is the nominal $($annual$)$ interest rate on this loan? $($Round answer to $1$ decimal place, e$.$g$.$

$15\mathrm{.}2\%.)$

Nominal rate