Question: I need help in this question. Please do it correctly and accurately, do not make any mistake Nominal and Effective Interest Rates 4: Quentin has

I need help in this question. Please do it correctly and accurately, do not make any mistake

Nominal and Effective Interest Rates 4: Quentin has been using his credit card too much. His plan is to use only cash until the balance of $11,584 is paid off. The credit card company charges 8% nominal interest, compounded monthly (a) What is the effective interest rate? Answer: Reasoning/Work: (b) How much interest will he owe in the first month's payment? Answer: Reasoning/Work

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