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On September 1, 2018, Hiker Shoes issued a $105,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate

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On September 1, 2018, Hiker Shoes issued a $105,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 8%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., 1234 as 12.34%.) Multiple Choice 8.25%. 8.00%. 8.33% 8.26%

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