You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following

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answerhappygod
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You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following

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You were offered the opportunity to purchase either a simpleinterest note or a simple discount note with the following terms:$34,423 at 5% for 36 months.a. Calculate the effective interest rate. (Do not intermediatecalculations. Round your final answer to the nearest tenthpercent.)
Effective interest rate percent:b. Based on the effective interest rate, which would youchoose?
simple interest note or simple discount not
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