Question: Problem 6-2 Calculating the Effective Annual Interest Rate [LO2] If the 22 percent interest rate quoted on Dave's loan had been compounded monthly, what would

Problem 6-2 Calculating the Effective Annual Interest Rate [LO2] If the 22 percent interest rate quoted on Dave's loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "*" sign in your response.) Effective annual rate of interest

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