Tina Mier must pay a $2,000 furniture bill. A finance company will loan Tina $2,000 for 8 months at a 9% discount rate. The finance company told Tina that if she wants to receive exactly $2,000, she must borrow more than $2,000. The finance company gave Tina the following formula:What to ask for =Amount of cash to be received1 − (Discount rate × Time of loan)a.Calculate Tina’s loan request. (Do not round intermediate calculations. Round your final answer to the nearest cent.) Loan request$ b.Calculate the effective rate of interest. (Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.) Effective rate of interest %
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