c15 q5

Discount loan. Up-Front Bank uses discount loans for all its customers who want one-year loans. Currently, the bank is providing one-year discount loans at 7.6%. What is the effective annual rate on these loans? If you were required to repay $215,000 at the end of the loan for one year, how much would the bank have given you at the start of the loan?

If you were required to repay $215,000 at the end of the loan for one year, how much would the bank have given you at the start of the loan? (Round to the nearest dollar.)