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Bob Bowden wants to borrow $250,000 for three months. What is the APY of a 12% annual rate discount loan? (Enter your answer as a

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Bob Bowden wants to borrow $250,000 for three months. What is the APY of a 12% annual rate discount loan? (Enter your answer as a percentage, rounded to two digits after the decimal point. (Example: An answer of 0.124589 would be rounded to 12.46%, and entered as 12.46)

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