Question: Current Attempt in Progress To start a new business, Alysha intends to borrow $12,000 from a local bank. If the bank asks her to repay

Current Attempt in Progress To start a new business, Alysha intends to borrow $12,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $3,246.84, 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? (Round answer to O decimal places, e.g. 15%.) Effective annual interest rate Nominal rate % %

To start a new business, Alysha intends to borrow $12,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $3,246.84, 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? (Round answer to 0 decimal places, eg. 15% )

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