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What is the effective rate of interest on the borrowing

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Problem 1: On January 7, 2021, Tale Corporation discounted its own $100,000, 180-day note at the Eastwest Bank at a discount rate of 20%. Tale Corporation repaid the note on July 6, 2021, its due date. Based on a 360-day year, what is the effective rate of interest on the borrowing?

Reference no: EM132893374

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