Question: EOC Problems 5 - 1 4 Question 7 of 2 5 Problem 5 - 1 4 Nominal Interest Rates A load has an annual effective

EOC Problems 5-14
Question 7 of 25
Problem 5-14 Nominal Interest Rates
A load has an annual effective rate of 8.50%. For monthly compounding, what is the annual percentage rate? What is the monthly rate charged?
\table[[Effective Rate,Compound per Year],[8.50%,12]]
What is the annual percentage rate? Do not round intermediate calculations.
TThe annual percentage rate is
%. Round your answer to the nearest two decimal places.
What is the monthly rate charged?
The monthly rate charged is
%. Round your answer to the two decimal places.
EOC Problems 5-14 Question 7 of 25 Problem 5-14 Nominal Interest

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