Multiple Choice
Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the nearest day.
-Sam Peters signs a $4,500 note. His bank charges a 10% discount rate. Find the effective rate charged by the bank if the note is for 9 months.
A) 9.7%
B) 10.9%
C) 10%
D) 10.8%
Correct Answer:
Verified
Correct Answer:
Verified
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