Question: raised the effective interest rate. Do not round intermediate calculations. Round your answers to two decimal places. a. The nominal annual rate on the loan

raised the effective interest rate. Do not round intermediate calculations. Round

raised the effective interest rate. Do not round intermediate calculations. Round your answers to two decimal places. a. The nominal annual rate on the loan was 11.5%. What is the true effective rate? % b. What would be the effective cost of the loan if the note required discount interest? % %

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