Suppose that in January 2014, Joe Biden had borrowed $50,000 from his bank and paid an interest rate of 3%. He paid it back on December 31, 2014. What was the nominal interest C rate that Mr. Biden paid to his bank? (1) What was the real interest rate that Mr. Biden paid in 2014? (1) When we refer to the real interest rate, what is it that Mr. Biden paying for? Be specific.