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What nominal rate would the bank quote for this loan

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Question - To start a new business, Alysha intends to borrow $24,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $6,010.95, determine the bank's effective annual interest rate on the loan transaction. With annual compounding, what nominal rate would the bank quote for this loan?

Reference no: EM133097233

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