Marty Not is going to borrow $14,500 for 80 days and pay $223 in interest. What is the annual rate of interest if the loan is discounted? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Added by Stephen R.
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The discount is the difference between the amount borrowed and the amount paid back. Discount = Amount borrowed - Amount paid back Discount = $14,500 - $223 Discount = $14,277 Show more…
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