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Paul and Frank each borrow $1,757 for 6 months. Paul's loan uses the simple discount model while Frank's loan uses the simple interest model. The

Paul and Frank each borrow $1,757 for 6 months.

Paul's loan uses the simple discount model while Frank's loan uses the simple interest model. The annual simple discount rate on Paul's loan is 12.3%.

What would the annual simple interest rate have to be on Frank's loan if their maturity values are the same?

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