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Frank Inc. sold $900,000 merchandise to a customer in exchange for a nine month, $927,000 noninterest-bearing note. What is the effective interest rate of this
Frank Inc. sold $900,000 merchandise to a customer in exchange for a nine month, $927,000 noninterest-bearing note. What is the effective interest rate of this note?
5%
None is correct.
2%.
4%.
3%.
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