Aitana took out a cash advance of $1,580 from Bruno's City Pawn. The loan (cash advance) will be paid off over the next 4 years by payments of $40.12 made monthly at the beginning of each payment period. What nominal interest rate, compounded monthly, is Aitana being charged?  

Answer rating: 100% (QA)

To determine the nominal interest rate Aitana is being charged we can use the formula for the presen... View the full answer