When calculating the effective rate of a loan, which statement or statements must be true if n is greater than 1?
I. The length of the loan is greater than a single year.
II. The effective rate will exceed the nominal rate.
III. The interest will be compounded monthly.
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When calculating the effective rate of a loan, the statement or statements must be true if n is greater than 1 is The length of the loan is greater than a single year.
