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Sol Pine borrows $6,100 for one year at 11 percent interest. What is the effective rate of interest if the loan is discounted? (Do not

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Sol Pine borrows $6,100 for one year at 11 percent interest. What is the effective rate of interest if the loan is discounted? (Do not round intermediate calculations. Use a 360-day year. Input your answer as a percent rounded to 2 decimal places.) Effective rate on a discounted loan % search hulu | 40% 40% 8:28 PM 10/30/20

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