Question: A debtor borrows $ 1 , 5 0 0 for 1 3 months and owes $$ 1 , 7 1 1 . 8 2 .

A debtor borrows $1,500 for 13 months and owes $$1,711.82. What was the nominal rate charged (based on monthly compounding)? leave in decimal format, round to 5 decimal places AFTER the decimal point (i.e.0.12345) Blank 1: interest per month Blank 2: nominal rate

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