Question: Krisi took out a $ 500 discounted loan calculated using a simple interest rate of 5 % for a period of 2 years. What is

Krisi took out a $ 500 discounted loan calculated using a simple interest rate of 5 % for a period of 2 years. What is the effective interest rate? Give your answer as a percentage to the nearest tenth of a percent.Krisi took out a $ 500 discounted loan calculated using a simple interest rate of 5 % for a period of 2 years. What is the effective interest rate? Give your answer as a percentage to the nearest tenth of a percent

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