lindseyjolly3405 lindseyjolly3405
  • 14-03-2024
  • Business
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Sol Pine borrows $7,100 for one year at 14 percent interest. What is the effective rate of interest if the loan is discounted? Note: Use a 360-day year.
a) 15.56%
b) 12.78%
c) 16.25%
d) 14.44%

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