A pawnshop will lend 6250 for 45 days at a cost of 30


A pawnshop will lend $6,250 for 45 days at a cost of $30 interest.

What is the effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.)

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Financial Management: A pawnshop will lend 6250 for 45 days at a cost of 30
Reference No:- TGS01128504

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