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The word "shorter" in the question implies that you already do have a method (or more than one). It is not possible to answer the question without knowing what your method is. It could, in fact, be the shortest possible method so that there is no shorter method!
Mixed numbers and mixed fractions are the same thing.
A mixed number
How is the method superior to the payback method
0.45 can't be a mixed number. Mixed numbers are greater than one.