Question: Problem 8-6 Effective rate on discounted loan [LO8-2] Sol Pine borrows $5,000 for one year at 14 percent interest. What is the effective rate of

Problem 8-6 Effective rate on discounted loan [LO8-2] Sol Pine borrows

Problem 8-6 Effective rate on discounted loan [LO8-2] Sol Pine borrows $5,000 for one year at 14 percent interest. What is the effective rate of interest if the loan is discounted? (Do not round intermediate calculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.)

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