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What is the effective interest rate

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Reference no: EM131623018

Question: 1. Michael Denton has a simple discount note for $2,000, at an ordinary bank discount rate of 12%, for 240 days. What is the effective interest rate? Round to the nearest tenth of a percent.

2. Find the duration of a loan of $3,000 if the loan required interest of $213.75 and was at a rate of annual simple interest.

Reference no: EM131623018

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