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Problem 8-7 Mary Ott is going to borrow $16,400 for 150 days and pay $350 interest. What is the effective rate of interest if the

Problem 8-7 Mary Ott is going to borrow $16,400 for 150 days and pay $350 interest. What is the effective rate of interest if the loan is discounted? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Amount: Interest Rate: Interest: Discounted

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