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On September 1, 2018, Hiker Shoes issued a $115,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate
On September 1, 2018, Hiker Shoes issued a $115,000, 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%.)
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Uniform Administrative Requirements Cost Principles And Audit Requirements For Federal Awards A Handbook For Institutions Of Higher Education And State And Local Governments
Authors: Andrew Shepard-Smith
1st Edition
1505298482, 978-1505298482
