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[ The following information applies to the questions displayed below. ] On August 1 , 2 0 2 2 , Colombo Company s treasurer signed

[

The following information applies to the questions displayed below.

]

On August

1, 2022,

Colombo Company

s treasurer signed a note promising to pay $

120, 300

on December

31, 2022 .

The proceeds of the note were $

114, 900 .

.

Calculate the effective interest rate

(

APR

)

on the loan.

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