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On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 on December 31, 2022. The proceeds of the note were $116,100.

On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 on December 31, 2022. The proceeds of the note were $116,100. b. Calculate the effective interest rate (APR) on the loan. Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1). Effective interest rate

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