If you sign a discount note for $2,500 at a bank discount rate of 7%, for 3 months, what is the effective interest rate? (Round to the nearest tenth percent)
A) 7.0%
B) 7.1%
C) 7.3%
D) 7.5%

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The Answer of If you sign a discount note for $2,500 at a bank discount rate of 7%, for 3 months, what is the effective interest rate? (Round to the nearest tenth percent)
A) 7.0%
B) 7.1%
C) 7.3%
D) 7.5%

If You Sign a Discount Note for $2,500 at a Bank