Effective Interest Rate (APR)
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On August 1, 201, Colombo, Co's treasurer signed a note promising to pay $240,000 on December 31, 2010. The proceeds of the note were $232,000.
Calculate the effective interest rate (APR) on the loan.
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Solution Summary
This solution illustrates how to compute the effective annual interest rate on a short-term note.
Solution Preview
Because this is a short-term note, I will assume that the note bears simple interest. Therefore,
Interest = Amount repaid - ...
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