Question: How do I figure this out? Mary Ott is going to borrow $6,900 for 60 days and pay $223 interest. What is the effective rate

How do I figure this out?

Mary Ott is going to borrow $6,900 for 60 days and pay $223 interest.

What is the effective rate of interest if the loan is discounted?(Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

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