You make quarterly payments on a loan. The loan has a nominal interest rate of $20\%.$

What is the effective interest rate if the loan is compounded monthly?

Question Blank $1$ of $3$

type your answer...

$\%$

What is the effective interest rate if the loan is compounded quarterly?

Question Blank $2$ of $3$

type your answer...

$\%$

What is the effective interest rate if the loan is compounded continuously?