Question: A man has a simple discount note for $6,500, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest

A man has a simple discount note for $6,500, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent The effective interest rate is (Round to the nearest tenth of a percent as needed.)

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It would have become a big deal.

I havent been approved yet for the loan; Ill wait until aft er that.

Th ey will tell me I need all my original documents, and Im not sure where they are.