Question: Jane Doe has two borrowing alternatives: Loan A is offered at a rate of 1.1% per month; Loan B uses quarterly compounding. What must be

Jane Doe has two borrowing alternatives: Loan A is offered at a rate of 1.1% per month; Loan B uses quarterly compounding. What must be the annual percentage rate (APR) on Loan B, so that it is equivalent in cost to Loan A?

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