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QUESTION
a Loan Company lends you $150 on Monday, and you have to pay $250 after 15 days, what effective rate of interest is it charging?
a Loan Company lends you $150 on Monday, and you have to pay $250 after 15 days, what effective rate of interest is it charging? Assume the company compounds money on a 15-day basis. please show answer in detail.....and using EXCEL rate and EFFECT functions
