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3. Calculate the effective interest rate on a 12-month, zero-interest-bearing note payable of $400,000, discounted at the bank at 7%. List a percentage with 2

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3. Calculate the effective interest rate on a 12-month, zero-interest-bearing note payable of $400,000, discounted at the bank at 7%. List a percentage with 2 decimal places Effective Interest Rate (Percentage with 2 decimal places)

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