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An enterprise borrows a loan from a bank with a monthly interest rate of 1.2%. How to calculate the annual nominal interest rate and the annual real interest rate respectively?
How to calculate the annual nominal interest rate and the annual real interest rate respectively?

The annual nominal interest rate is: monthly interest rate * 12.

1.2%* 12= 14.4%;

The annual effective interest rate is: (1+ monthly interest rate) 12- 1.

( 1+ 1.2%)^ 12- 1= 15.39%

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