signed a simple discount note 8500.00 the discount rate is 14% and the term of the note is 18 months what is the effective interest rate?

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 20E: Mortgage A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9%...
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I signed a simple discount note 8500.00 the discount rate is 14% and the term of the note is 18 months what is the effective interest rate?
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9781305115545
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