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

On August 1,2022, Colombo Companys treasurer signed a note promising to pay $122,100 on December 31,2022. The proceeds of the note were $115,800.
b. Calculate the effective interest rate (APR) on the loan.
Note: Enter your answer as a percentage rounded to 1 decimal place (i.e.,32.1).

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