Question: Question Help A discount electronics store offers to let you pay for a $1000 stereo in 12 equal $85 installments. The store claims that since

Question Help A discount electronics store offers to let you pay for a $1000 stereo in 12 equal $85 installments. The store claims that since you ropay $1020 in 1 year, the $85 finance charge represents a 2% annual rate. This would be true if you repaid the loan in a single payment at the end of the year. But since you start repayment after 1 month, this is an amortized loan, and 2% is not the correct rate. What is the annual nominal compounding rate for this loan? Use graphical approximation techniques or an equation solver to approximate the interest rate. Express the answer as a percentage The actual annual nominal compounding rate for this loan is %. (Type an integer or decimal rounded to two decimal places as needed.)

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