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Pina Rentals purchased a piece of equipment with an FMV of $9,314 in exchange for a five-year, non-interest-bearing note with a face value of $15,000.
Pina Rentals purchased a piece of equipment with an FMV of $9,314 in exchange for a five-year, non-interest-bearing note with a face value of $15,000.
Compute the effective interest rate on the note payable.
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Principles Of Financial Accounting (Chapters 1-17)
Authors: John Wild
25th Edition
1260780147, 9781260780147
