Question: On August 1 , 2 0 2 2 , Colombo Company s treasurer signed a note promising to pay $ 1 2 0 , 3

On August 1,2022, Colombo Companys treasurer signed a note promising to pay $120,300 on December 31,2022. The proceeds of the note were $114,900.
Exercise 7-8(Algo) Part b
b. Calculate the effective interest rate (APR) on the loan.

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