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Determine the effective annual interest rate on a 75000

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Determine the effective annual interest rate on a $75,000 short-term loan, with a term of one year and a nominal interest rate of 12%. The bank discounts the interest.

Reference no: EM131137897

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Determine the effective annual interest rate on a 75000 : Determine the effective annual interest rate on a $75,000 short-term loan, with a term of one year and a nominal interest rate of 12%. The bank discounts the interest.
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