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Your local bank just loaned you $1,501. This amount is net of a 10% discount on the loan proceeds, which serves as interest on the

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Your local bank just loaned you $1,501. This amount is net of a 10% discount on the loan proceeds, which serves as interest on the loan You are to repay the loan in one year . What is the effective rate at which you borrowed? Multiple Choice O 11.97% O 12.64% O 11.00% 12.58% O

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