Find effective rate of interest if bank charge discount rate
Dave signed a $7,855 note at a bank that charges a 14.2% discount rate. If the loan is for 190 days, find the effective rate of interest (to the nearest tenth percent).
A) .15%B) .14%C) 14.2%D) 15.4%
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Dave signed a $7,855 note at a bank that charges a 14.2% discount rate. If the loan is for 190 days, find the effective rate of interest.
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