Calculate the nominal annual interest rate

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Reference no: EM131806438

A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the end of each month for the next 30 months.

(a) Calculate the nominal annual interest rate she is paying to within ±0.15%.

(b) What effective annual interest rate is she paying?

Reference no: EM131806438

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