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What is the effective interest rate if the Banker's Discount on a loan of $2000

Practice Questions

Q1
What is the effective interest rate if the Banker's Discount on a loan of $2000 for 1 year at 15% is $300?
  1. 15%
  2. 20%
  3. 25%
  4. 10%

Questions & Step-by-Step Solutions

What is the effective interest rate if the Banker's Discount on a loan of $2000 for 1 year at 15% is $300?
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