Question: Problem 7-14 Calculating Interest Using the Bank Discount Method [LO7-2] Your uncle lends you $3,900 less $195 (interest at 5 percent), and you receive $3,705.

Problem 7-14 Calculating Interest Using the Bank Discount Method [LO7-2] Your uncle lends you $3,900 less $195 (interest at 5 percent), and you receive $3,705. Use the APR formula to find the true annual percentage rate. Assume you repay the entire loan in one year Note: Enter your answer as a percent rounded to 3 decimal places

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