Question 1193473
**1. Calculate the Interest**

* **Discount Period:** 22 months 
* **Discount:** $3100 * 0.078 * (22/12) = $445.10

**2. Calculate the Amount Received**

* **Amount Received:** $3100 - $445.10 = $2654.90

**3. Calculate the Actual Rate of Interest**

* **True Amount Borrowed:** $2654.90
* **Interest Paid:** $445.10
* **Time in Years:** 22 months / 12 months/year = 1.83 years

* **Actual Interest Rate:** (Interest Paid / True Amount Borrowed) / Time 
    * Actual Interest Rate = ($445.10 / $2654.90) / 1.83 
    * Actual Interest Rate = 0.0891 

* **Actual Interest Rate (Percentage):** 0.0891 * 100 = 8.91%

**Therefore:**

* **Interest:** $445.10
* **Amount Received:** $2654.90
* **Actual Rate of Interest:** 8.91%