Karim darmati must pay a $6,750 furniture bill. a finance company will loan karim $6,750 for 8 months at a 10.20% discount rate.
The finance company told karim that if he wants to receive exactly $6,750, he must borrow more than $6,750.
Calculate the effective rate of interest. (do not round intermediate calculations.
Round your final answer to the nearest hundredth percent.)
