Abc needs 16253 cash to meet a payroll deadline and wants, Ask an Expert

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ABC needs $16,253 cash to meet a payroll deadline and wants to borrow from the bank for three months. The bank has a discount loan that meets ABC's needs. The annual interest rate on this loan is 12.4%. What is the equivalent annual effective interest rate on this loan? Show you answer in decimal form (e.g, 12.34% would be recorded as 0.1234)

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