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Posted on Jun 06, 2024

Kenneth's Arrows and Bows borrow $10,000 for one year at 12 percent interest. What is the effective rate of interest if the loan is discounted?

More than 14.5 percent

More than 12.5 percent, but less than 13.0 percent

More than 12.9 percent, but less than 13.5 percent

Less than 12.5 percent

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