Marty Not is going to borrow $14,600 for 45 days and pay $185 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.) Annual rate of interest %
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To find the daily interest rate, divide the interest paid by the number of days: Daily interest rate = Interest paid / Number of days Daily interest rate = $185 / 45 days Daily interest rate = $4.11 Show more…
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