Directions: Solve the interest rate of the problem below: Problem: Junnie loans ₱40,000 from a lending company to start his carwash business. The loan has an effective interest rate of 8%, payable within two months. How much are theinterest per month and monthly payment with interest on his loan? [KINDLY SHOW COMPLETE SOLUTION] note: use the formula that is usually use when computing nominal/effective interest*

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