Question

A man has a simple discount note for ​$6 comma 500​, at an ordinary bank discount rate of 8.61 % comma for 50 days. What is the effective interest​ rate? Round to the nearest tenth of a percent

Answer 1

A man has a simple discount note for ​$6,500​ at an ordinary bank discount rate of 8.61 %, for 50 days. What is the effective interest​ rate? Round to the nearest tenth of a percent