Question: For services rendered, an attorney accepts a 90 day note for $5,500 at 8% simple interest. (Both interest and principal are repaid at the end

For services rendered, an attorney accepts a 90 day note for

For services rendered, an attorney accepts a 90 day note for $5,500 at 8% simple interest. (Both interest and principal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $5,560 after 30 days. What annual interest rate will the third party receive on the note? 5

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