Question: Calculating Interest Using the Bank Discount Method. Your uncle lends you $2,000 less $100 (interest at 5 percent), and you receive $1,900. Use the APR

Calculating Interest Using the Bank Discount Method. Your uncle lends you $2,000 less $100 (interest at 5 percent), and you receive

$1,900. Use the APR formula to find the true annual percentage rate.

LO7-2

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