What is the effective monthly rate on this loan what is, Financial Management

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What is the effective monthly rate on this loan what is

Bank is willing to loan Su Mei the $25,000 she needs to start her business. The loan will require monthly payments of $556.11 over 5 years.

a) What is the effective monthly rate on this loan? Use your calculator.

b) With monthly compounding, what is the nominal (annual) interest rate on this loan?

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