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Mr. Jones borrows $4,500 for 90 days and pays $ 75 interest. What is his approximate effective rate of interest? 6.7% 11.7% 9.3% None of

Mr. Jones borrows $4,500 for 90 days and pays $ 75 interest. What is his approximate effective rate of interest? 6.7% 11.7% 9.3% None of these options

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