# economics

Picabo borrows \$1,000. To repay the amount she makes 12 equal monthly payments of \$90.30. Determine the following:
(a) The effective monthly interest rate
(b) The nominal annual interest rate
(c) The effective annual interest rate

1. 👍 2
2. 👎 0
3. 👁 550
1. Tv

1. 👍 0
2. 👎 1

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