Question: Answer the following three questions based on the information provided: The Bender family has been planning a vacation to Europe for the past two years.

Answer the following three questions based on the information provided: The Bender family has been planning a vacation to Europe for the past two years. Tabb Savings agrees to advance the family a loan of $8,000 to finance the trip provided the Benders pay the loan back in 12 equal monthly installments. Tabb Savings will charge an add-on loan rate of 5.75 percent.

A. What is the effective loan rate? Input your answer in the .xxxx format please show work

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