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Calculate tina loan request and the effective rate

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Tina Mier must pay a $2,000 furniture bill. A finance company will loan Tina $2,000 for 8 months at a 9% discount rate. The finance company told Tina that if she wants to receive exactly $2,000, she must borrow more than $2,000. The finance company gave Tina the following formula:

Calculate Tina's loan request and the effective rate of interest to nearest hundredth percent.

Reference no: EM13319722

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