You are planning to get a $$15,000$ loan from your bank. If you make $60$ payments of $$300$ per month, what

is the effective annual interest rate on the loan?

A$)i_a=6\mathrm{.}16\%$

B$)0\mathrm{.}5$ per month

C$)$ Both A and $B$

D$)$ None of the above

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$\mathrm{.}62\%$ monthly which needs to be compounded annually.