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Nelson Company borrows money from the Greensun Bank and signs an interest-bearing promissory note. Principal $7,200 Term 45 days $117 Interest Required: Given the details

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Nelson Company borrows money from the Greensun Bank and signs an interest-bearing promissory note. Principal $7,200 Term 45 days $117 Interest Required: Given the details above, determine the interest rate on the note. Note: To simplify the arithmetic, use 360 days in a year. Interest rate: X

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