Question: On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $120,000 on December 31, 2019. The proceeds of the note were $116,400.

On August 1, 2019, Colombo Co.'s treasurer signed a note promising

On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $120,000 on December 31, 2019. The proceeds of the note were $116,400. Exercise 7-6 (Algo) Parta Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).) Answer is complete but not entirely correct. Discount rate 3.1 X %

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