Question: Sol Pine borrows $8,700 for one year at 10 percent interest. What is the effective rate of interest if the loan is discounted? Note: Do

Sol Pine borrows $8,700 for one year at 10 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. Effective rate on a discounted loan %

Sol Pine borrows $8,700 for one year at 10 percent interest. What is the effective rate of interest if the loan is discounted? Note: Do not round intermediate colculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places

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