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Mary Ott is going to borrow $6,900 for 60 days and pay $223 interest. What is the effective rate of interest if the loan is

Mary Ott is going to borrow $6,900 for 60 days and pay $223 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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