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On September 1, 2018, Hiker Shoes issued a $107,000, 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 $107,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 9%. 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 9.00%. 9.35% 9.34% 9.42%

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