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This question illustrates what is known as discount interest. Imagine you are discussing a loan with a somewhat unscrupulous lender. You want to borrow $17,000 for one year. The interest rate is 12.2 percent. You and the lender agree that the interest on the loan will be .122 $17,000 = $2,074. So the lender deducts this interest amount from the loan up front and gives you $14,926. In this case, we say that the discount is $2,074 What is the effective interest rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Effective interest rate 0