Question: You borrow ( $ 1 , 0 0 0 ) from Gougo's, a well - known loan consolidation outfit. The loan is

You borrow \(\$ 1,000\) from Gougo's, a well-known loan consolidation outfit. The loan is an "unbelievably low" \(2.0\%\) per month compounded monthly. You have 2 years to pay back the loan.
Part a
What is the nominal annual interest rate? \%
Round entry to one decimal place. Tolerance is \(\pm 2\).
You borrow \ ( \ $ 1 , 0 0 0 \ ) from Gougo's, a

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