I borrowed $3650 from a bank for 8 months. The bank discounted the loan at...
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Accounting
I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest did I pay the bank for the use of the money? How much did I receive from the bank? What was the actual rate of interest that I paid? (Make sure to answer all 3 questions.)
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