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Given the following information concerning a promissory note: principal: $5,100 term: 45 days interest: $31.875 Determine the interest rate of the note. Note: To simplify

Given the following information concerning a promissory note:

principal: $5,100

term: 45 days

interest: $31.875

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.

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