Test: Test 3 (Chapter 3) Question 2 A discount electronics Store offers to let you pay for a $1000 stereo in 12 equal $36 installments. The store calms that since you repay $1032 in 1 year, the $86 finance charge represents a 3.2% 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 for 1 month, this is an amortized loon, and 32% is not the correct rate. What is the annual nominal compounding rate for this loan? Use graphical approximation techniques or an equation solver to aproximate the interest rate Express the answer as a percentage The actual annual nominal compounding rate for this tonis % Type an integer or decimal rounded to two decimal places as needed