Question: It would be really helpful if you include the steps along with explanation To start a new business, Alysha intends to borrow $ 12,000 from

It would be really helpful if you include the steps along

It would be really helpful if you include the steps along with explanation

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, e.g. 15%.) Effective annual interest rate % Nominal rate %

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