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On September 1, 2024, Hiker Shoes issued a $108,000,6-month, noninterest-bearing note. The loan was made by Second Commerelal Bank where the stated discount rate is

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On September 1, 2024, Hiker Shoes issued a $108,000,6-month, noninterest-bearing note. The loan was made by Second Commerelal Bank where the stated discount rate is 10%. Hiker's effective interest rate on this loan is: Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Multiple Choice 10.46% 10.00% 10.45%. 10.53%

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