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On September 1, 2021, Rogan's Apparel issued a $112,000, 6-month, noninterest-bearing note. The loan was made by Kohler Credit Union where the stated discount rate
On September 1, 2021, Rogan's Apparel issued a $112,000, 6-month, noninterest-bearing note. The loan was made by Kohler Credit Union where the stated discount rate is 11%. Rogan's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to 2 decimal places.)Multiple Choice11.56%.11.00%.11.64%.11.57%.
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Financial Markets And Institutions
Authors: Jeff Madura
8th Edition
0324568215, 978-0324568219
