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To start a new business, Alysha intends to borrow $23,000 from a local bank. If the bank asks her to repay the loan in 5

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To start a new business, Alysha intends to borrow $23,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $5,913.13, determine the bank's effective annual interest rate on the loan transaction. With annual compounding. what nominal rate would the bank quote for this loan? (Round answer to 0 decimol places, e.g. 15\%)

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