Question: HW 3 Question 2, Problem 3-3 (algorithmic) HW Score: 14.29%, 1 of 7 points O Points: 0 of 1 Save A discount interest loan is

HW 3 Question 2, Problem 3-3 (algorithmic) HW Score: 14.29%, 1 of 7 points O Points: 0 of 1 Save A discount interest loan is a loan arrangement where the interest and any other related charges are calculated at the time the loan is closed Suppose a one-year loan is stated as $15,000 and the interest rate is 10%. Then, the borrower pays $1,500 interest up front, thereby receiving net funds of $13,500 and repaying $15,000 in a year. What is the effective interest rate on this one-year loan? The effective interest rate on this one-year loan is % (Round to two decimal places.)

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