117 every month for 30= 3,510

Think rise over run when on a graph

When **calculating **the loan's **effective **rate, the most accurate **statement **is that the **effective **rate will exceed the **nominal **rate.

<h3>Effective Annual Rate:</h3>

The **interest **rate for the entire year is known as the **effective **annual rate (EAR). Interest **charges **are incurred when a **company **uses debt or **capital **leases to fund its **operations**.

**Interest **is reported on the income **statement**, but it can also be generated on an **investment **or paid on a loan over time due to **compounding **interest.

It is frequently larger than the **marginal **rate and is used to compare various **financial **products with different compounding **periods**, such as weekly, **monthly**, and yearly.

The **effective **yearly interest rate rises over time as the number of **compounding **periods **increases**.

Therefore, the **correct **option is A.

Learn more about the **loans **here:

brainly.com/question/2405320

**Answer:**

The third one

**Step-by-step explanation:**

consider the following image