1. The nominal rate on Sandra's loan is 7.125%. If the interest is compounded monthly, what rate of interest is Sandra actually paying? (use the formula)

She is actually paying a rate of 7.36% of interest.

Step-by-step explanation:

The real interest rate, as a decimal, is given by:

In which r is the interest rate and n is the number of compoundings during an year.

The nominal rate on Sandra's loan is 7.125%, compounded monthly:

This means that

So

As a percentage: 1.0736*100 = 107.36% - 100% = 7.36%

She is actually paying a rate of 7.36% of interest.

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