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Explain Please Dave borrowed $180 and paid $27 in interest when he repaid the principal after one year. The lender also charged him a $2

Explain Please
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Dave borrowed $180 and paid $27 in interest when he repaid the principal after one year. The lender also charged him a $2 service fee on a discount basis. What was the effective cost of his loan? (Round your answer to 2 decimal places. Omit the "\%" sign in your response.) Effective cost %

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