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RECEIVABLES Computing principal, interest rate, or term of a promissory note Given the following information concerning a promissory note: Principal $5,400 Term 120 Days Interest

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RECEIVABLES Computing principal, interest rate, or term of a promissory note Given the following information concerning a promissory note: Principal $5,400 Term 120 Days Interest $126 Required: Determine the interest rate of the note. Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year. Interest Rate: ? Explanation Check

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