Mathematics, 14.04.2020 01:49 Baby010391

Billy takes out a $2,400 discounted loan using a simple interest rate of 8% for a period of 18 months. What is the effective interest rate? Give your answer as a percentage to the nearest tenth of a percent. Do not include the percent symbol in your answer.

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Billy takes out a $2,400 discounted loan using a simple interest rate of 8% for a period of 18 month...

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