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Word Problem 11-10 (Algo) [LU 11-1 (3)] You were offered either a simple interest note or a simple discount note with the following terms: $30,878

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Word Problem 11-10 (Algo) [LU 11-1 (3)] You were offered either a simple interest note or a simple discount note with the following terms: $30,878 at 6% for 36 months. a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective interest rate %

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