Philippa took out a $860 discounted loan for a period of m months at a simple interest rate of 6%. The amount she actually received into her bank account was $838.50. Calculate the effective interest rate of this loan to the nearest 0.01%

Sanderson is having trouble with his assignment. his shown work is as follows: − 3 7 7 3 = − 3 7 × 7 3 = − 21 21 = −1 however, his answer does not match the answer that his teacher gives him. complete the description of sanderson's mistake. find the correct answer.