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What is the effective annual interest rate

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Question:a. A young engineer calculated that monthly payments of $A are required to pay off a $5,000 loan for n years at 1% interest, compounded annually. If the engineer decides to borrow $10,000 instead with the same n and 1%, what will be her monthly payments to ensure both methods are the same ?

Question: b. What is the effective annual interest rate if the nominal annual interest rate is 24% per year compounded monthly?

Reference no: EM133524206

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