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Problem 8-5 Effective rate of interest (LO8-2] A pawnshop will lend $5,750 for 45 days...

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Problem 8-5 Effective rate of interest (LO8-2] A pawnshop will lend $5,750 for 45 days at a cost of $25 interest. What is the effective rate of interest? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest %

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