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How to solve Multiple Choice Question Marchaund borrowed $ 4 , 5 0 0 for 9 0 days, with a 1 2 % simple discount

How to solve

Multiple Choice Question

Marchaund borrowed $

4, 500

for

90

days, with a

12 %

simple discount rate. What is the effective rate?

12.37 %

135

12 %

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