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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 2 years at 5% is $200?
  1. 10%
  2. 5%
  3. 15%
  4. 20%

Questions & Step-by-Step Solutions

What is the effective interest rate if the Banker's Discount on a loan of $2000 for 2 years at 5% is $200?
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