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Amy is going to borrow $15,000, repaid over the next five year and make monthly payment. there are two ways that she is thinking about. One is the X Bank which offering a loan at 10% annum and monthly compounding, repaid over five years. The other one is the loan credit company called Money Credit Union. It has told Amy that the monthly payments will be $311.20. However, It has not revealed the interest rate it used to calculate this payment. and it did state that all loans are calculated using monthly compounding. Could you show me the monthly payment and Effective annual rate on the X Bank? What is the Annual Nominal Interest Rate and Effective annual rate on Money Credit Union loan?

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