Problem
A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the end of each month for the next 30 months.
(a) Calculate the nominal annual interest rate she is paying to within ±0.15%.
(b) What effective annual interest rate is she paying?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.