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On September 1, 2021, Hiker Shoes issued a $109,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate
On September 1, 2021, 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 8%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Multiple Choice
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8.00%.
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8.37%.
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8.45%.
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8.38%.
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