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What is the effective monthly rate on this loan

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Reference no: EM132847142

Problem - The Business Development Bank is willing to loan Alysha the $27,000 she needs to start her new business. The loan will require monthly payments of $668.12 over 5 years.

Required -

What is the effective monthly rate on this loan?

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

Reference no: EM132847142

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