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OpenStudy (anonymous):
Jill Jones borrowed $18,000 for 180 days from Sovereign Bank. The bank discounts the note at 8 percent. The effective interest rate to the nearest hundredth percent is: Jill Jones borrowed $18,000 for 180 days from Sovereign Bank. The bank discounts the note at 8 percent. The effective interest rate to the nearest hundredth percent is
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