Question: Sol Pine borrows $ 7 , 1 0 0 for one year at 1 4 percent interest. What is the effective rate of interest if

Sol Pine borrows $7,100 for one year at 14 percent interest.
What is the effective rate of interest if the loan is discounted?
Note: Do not round intermediate calculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.
Sol Pine borrows $7,100 for one year at 14 percent interest.

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