[Solved] on August 1, 2016, Columbo Co.'s treasure

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on August 1, 2016, Columbo Co.'s treasurer signed a note promising to pay $122,700 on December 31, 2016. The proceeds of the note were $114,600.

on August 1, 2016, Columbo Co.'s treasurer signed a note promising to pay $122,700 on December 31, 2016. The proceeds of the note were $114,600. Calculate the discount rate used by the lender. Calculate the effective interest rate (APR) on the loan.

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