If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent.
If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent.
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 18P
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