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Problem 8-4 Effective rate of interest [LO8-2] Your bank will lend you $2,500 for 45 days at a cost of $35 interest. What is your

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Problem 8-4 Effective rate of interest [LO8-2] Your bank will lend you $2,500 for 45 days at a cost of $35 interest. What is your effective rate of interest? (Use a 360-day year. Do not round interm Input your answer as a percent rounded to 2 decimal places.) Effective rate

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