Question: Sol Pine borrows $7,900 for one year at 12 percent interest. What is the effective rate of interest if the loan is discounted? (Do not

Sol Pine borrows $7,900 for one year at 12 percent interest.

Sol Pine borrows $7,900 for one year at 12 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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