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Required information Skip to question [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising

Required informationSkip to question

[The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $2,400,000 on December 31, 2019. The proceeds of the note were $2,340,000.

b. Calculate the effective interest rate (APR) on the loan. (Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).)

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