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Posted on Jul 29, 2024

On September 1 , 2 0 2 4 , Hiker Shoes issued a $ 1 0 9 , 0 0 0 , 8 - month,

On September

1, 2024,

Hiker Shoes issued a $

109, 000, 8 -

month, noninterest

-

bearing note. The loan was made by Second Commercial Bank where the stated discount rate is

10 % .

Hiker's effective interest rate on this loan is:

Note: Do not round intermediate calculations. Round your final answer to

2

decimal places.

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