Posted by **Melissa** on Monday, March 28, 2011 at 8:01pm.

Homer won a prize in the lottery of $1000, payable $500 immediately and $500 plus 4% simple interest payable in 250 days. Getting impatient, Homer sells the promissory note to Moe for $450 cash after 130 days. Using a nominal 360 day year, find the simple interest rate, rounded to .01, earned by Moe.

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