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Mary Ott is going to borrow $10,700 for 90 days and pay $222 interest. What is the effective rate of interest if the loan is

Mary Ott is going to borrow $10,700 for 90 days and pay $222 interest.

What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

Effective rate on a discounted loan

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