Question: Please can you help me solve this question: To start a new business, Alysha intends to borrow $24,000 from a local bank. If the bank

Please can you help me solve this question:

Please can you help me solve this question: To start a new

To start a new business, Alysha intends to borrow $24,000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $6,010.95, 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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