Asked by beyonce

Loan Amount: $13,000
Method of payment: discount basis
Amount of Interest: $625
Term of loan: 1 year

Effective Rate of Interest (to the nearest tenth): _____ %

Answered by beyonce
The correct answer is 4.8 :)
Answered by Damon
625 = x (13,000)
x = 0.048076
100 x = percent = 4.8% etc
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