Question: How would the effective annual interest rate for Problem 28 change if the bank charged $1,000 in closing costs? In Problem 28, determine the effective

How would the effective annual interest rate for Problem 28 change if the bank charged $1,000 in closing costs?
In Problem 28, determine the effective annual interest rate on a $100,000 short-term loan, with a term of 245 days and a nominal interest rate of 8%. The bank discounts the interest.

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