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On September 1, 2024, Hiker Shoes issued a $102,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate

On September 1, 2024, Hiker Shoes issued a $102,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 11%. Hiker's effective interest rate on this loan is:

11.00%.

11.80%.

11.79%.

11.87%.

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