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Sheffield Inc. borrowed $ 59,100 on November 1, 2020, by signing a $ 60,193, three-month, zero-interest-bearing note. Calculate the effective interest charged on the note.

Sheffield Inc. borrowed $ 59,100 on November 1, 2020, by signing a $ 60,193, three-month, zero-interest-bearing note.

Calculate the effective interest charged on the note.

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