Question: Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $19,750, at an ordinary bank discount rate of 7.82%, for 90 days. Find the effective rate rounded to the nearest hundredth
2. Matt Crouse needs to calculate the effective interest rate of a simple discount note for $12,800, at an ordinary bank discount rate of 8.75%, for 150 days. Find the effective rate rounded to the nearest tenth of a percent.