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The Business Development Bank is willing to loan Alysha the $38,000 she needs to start...

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Accounting

The Business Development Bank is willing to loan Alysha the $38,000 she needs to start her new business. The loan will require monthly payments of $964.95 over 5 years.

1) What is the effective monthly rate on this loan?

2) With monthly compounding, what is the nominal (annual) interest rate on this loan?

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