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Mary Ott is going to borrow $10,400 for 120 days and pay $150 interest. What is the effective rate of interest if the loan is discounted?
8-7. Solution:
Mary Ott
Effective rate on a discounted loan= (xxx/(xxx-xxx))×((xxx (xxx))/(xxx))
= ($xxx/($xx, xxx-$xxx))×(xxx/(xxx days))
=x.xxx%×x
=x.xxx%
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