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Given the following information concerning a promissory note: Principal $ 6,300 Term 60 Days Interest $115.5 Determine the interest rate of the note. Note: To

Given the following information concerning a promissory note:

Principal $ 6,300

Term 60 Days

Interest $115.5

Determine the interest rate of the note.

Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Interest Rate:%_____________

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