You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective Interest Rate %
You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Effective Interest Rate %
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 17P
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You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months.
a. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.)
Effective Interest Rate | % |
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