If you sign a discount note for $5,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent. %

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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If you sign a discount note for $5,500 at a bank discount rate of 9% for 9
months, what is the effective interest rate (as a %)? Round to the nearest
tenth percent.
%
Transcribed Image Text:If you sign a discount note for $5,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent. %
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