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Moore Company borrows money from the Redstar Bank and signs an interest-bearing promissory note. Principal $4,800 Term 60 days Interest $88 Required: Given the details

Moore Company borrows money from the Redstar Bank and signs an interest-bearing promissory note.

Principal

$4,800

Term

60 days

Interest

$88

Required:

Given the details above, determine the interest rate on the note.

Note: To simplify the arithmetic, use 360 days in a year

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