What is the effective interest rate of a simple discount note for $3,500 at a bank discount rate of 11%, for 24 months? (Round to the nearest tenth percent)
A) 11.0%
B) 22.0%
C) 28.2%
D) 14.1%

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The Answer of What is the effective interest rate of a simple discount note for $3,500 at a bank discount rate of 11%, for 24 months? (Round to the nearest tenth percent)
A) 11.0%
B) 22.0%
C) 28.2%
D) 14.1%

What Is the Effective Interest Rate of a Simple Discount