Problem $8-6($Algo$)$ Effective rate on discounted loan $[$LO$8-2]$

Sol Pine borrows $$8,200$ for one year at $12$ percent interest:

What is the effective rate of interest if the loan is discounted?

Note: Do not round intermediate calculations. Use a $360-$day year. Input your enswer as a p

Effective rate on a discounted loan