A loan has a stated annual rate of 0600 if loan payments, Finance Basics

A loan has a stated annual rate of 0600 if loan payments

Question: A loan has a stated annual rate of 06.00%. If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Finance Basics: A loan has a stated annual rate of 0600 if loan payments

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