Question: Hello. Can someone please help me with this? A bank advertises a nominal annual interest rate of 2.2% on a loan. However, interest is compounded

Hello. Can someone please help me with this?

A bank advertises a nominal annual interest rate of 2.2% on a loan. However, interest is compounded monthly. In decimal form, what is the effective interest rate on the loan? In decimal form, what is the effective interest rate on the loan?

Thanks!

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