Use the following information to answer the question below.
A loan of $20,000 is obtained from the bank. The promissory note specifies that $2500 interest is to be paid at the end of the year.
-What is the effective interest rate if this is a discount loan?

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The Answer of Use the following information to answer the question below.
A loan of $20,000 is obtained from the bank. The promissory note specifies that $2500 interest is to be paid at the end of the year.
-What is the effective interest rate if this is a discount loan?

Use the Following Information to Answer the Question Below