Question: Every month in five year, Edward has been making a payment of $85. Finally, he is able to repay his $4400 loan. What nominal monthly

Every month in five year, Edward has been making a payment of $85. Finally, he is able to repay his $4400 loan. What nominal monthly compounded rate of interest was Edward being charged on the loan?

Select one:

6. 15%

5. 97%

5. 73%

2. 09%

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