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A pawnshop will lend $6,500 for 45 days at a cost of $25 interest. What is the effective rate of interest? (Use a 360-day year.

A pawnshop will lend $6,500 for 45 days at a cost of $25 interest.

What is the effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Effective rate of interest

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