On September 1, 2013, Hiker Shoes issued a $108,000, 6-month,
noninterest-bearing note. The loan was made by Second Commercial
Bank where the stated discount rate is 8%. Hiker's effective
interest rate on this loan (rounded) is (Do not round intermediate
calculations. Round your final answer to two decimal places, e.g.,
.1234 as 12.34%.):
This question was answered on: Dec 08, 2020
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