Question: You were offered either a simple interest note or a simple discount note with the following terms: $31,805 and 9% for 24 months. a. Calculate

You were offered either a simple interest note or a simple discount note with the following terms: $31,805 and 9% for 24 months.
a. Calculate the effective interest rate. (Do NOT round intermediate calculations. Round your final answer to the nearest tenth percent.)
b. Based on the effective interest rate, which would you choose? Simple discount note or simple interest note?

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