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Kenneth's Arrows and Bows borrows $6,000 for one year at an 8% annual interest rate What is the effective rate of interest if the loan
Kenneth's Arrows and Bows borrows $6,000 for one year at an 8% annual interest rate What is the effective rate of interest if the loan is discounted? (Use 360 days in a year.) Multiple Choice More than 8.9% but less than 98% More than 93% More than 78% but less than 8.9% Less than 7.8%
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