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 $685.65 over 5 years.

1. What is the effective monthly rate on this loan? (round answer to 1 decimal place, e.g. 15.2%)

2. With monthly compounding, what is the nominal (annual) interest rate on this loan? (Round answer to 1 decimal place, e.g. 15.2%)