Problem 14-12 Noninterest-bearing installment note [LO14-3] At the beginning of 2016, VHF Industries acquired a equipment with a fair value of $9,245,760 by issuing a six-year, noninterest-bearing note in the face amount of $12 million. The note is payable in six annual installments of $2 million at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required 1. What is the effective rate of interest implicit in the agreement? nterest rate