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Problem 8-6 (Algo) Effective rate on discounted loan [LO8-2] Sol Pine borrows $8,700 for one year at 10 percent interest. What is the effective rate

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Problem 8-6 (Algo) Effective rate on discounted loan [LO8-2] Sol Pine borrows $8,700 for one year at 10 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 answer as a percent

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