If you were required to repay 220000 at the end of the loan

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The bank uses discount loans all of its customers who want one-year loans. Currently, the bank is providing one-year discount loans at 8.5%.

What is the effective annual rate of these loans?
If you were required to repay $220,000 at the end of the loan for one year, how much would the bank give you on your loan at the start of your loan?

Reference no: EM13618476

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