Zola borrows $1000. to repay the amount, she makes 12 equal monthly payments of $95. compounding is done monthly. determine nominal interest rate. hint use the excel formula rate to find the monthly effective interest rate. then convert that to the nominal rate. remember nominal interest does not account for sub-period compounding. (ex: effect monthly interest is 3%, the nominal rate is 3*12 = 36%) 14% 21% 2% 24%