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Belinda borrows $250 from Sue on February 14, 2015 for 13 months at 10.5% simple interest. Then, 4 months before maturity, Sue sells the note
Belinda borrows $250 from Sue on February 14, 2015 for 13 months at 10.5% simple interest. Then, 4 months before maturity, Sue sells the note to B. Harmless who discounts it based on a bank discount rate of 14%. a. How much did B. Harmless pay Sue for the note? b. What simple interest rate did Sue actually earn on the $250 that she lent to Belinda for the time that she held the note?
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