What should be the stated rate on the loans

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Question: Big Bank Corp. wants to earn an effective interest rate of 9% (EAR) on its consumer loans. It uses monthly compounding on consumer loans. What should be the stated (Nominal) rate (APR) on these loans? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131944776

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