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What is the effective interest rate

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Reference no: EM131623046

Question: 1. Shameka Bonner has a simple discount note for $11,000, at an ordinary bank discount rate of 11%, for 120 days. What is the effective interest rate? Round to the nearest tenth of a percent.

2. A loan of $8,900 at 7.75% annually is made on September 10 and due on December 10. Find (a) the exact interest and (b) the ordinary interest. Round answers to the nearest cent.

Reference no: EM131623046

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