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Kenneth's Arrows and Bows borrows $19,000 for one year at an 14% annual interest rate. What is the effective rate of interest if the loan
Kenneth's Arrows and Bows borrows $19,000 for one year at an 14% annual interest rate. What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) More than 15.4% but less than 16.5%
More than 17.4%
Less than 15.4%
More than 16.5% but less than 17.4%
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