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(Solution Download) On September 1, 2013, Hiker Shoes issued a $108,000, 6-month, noninterest-bearing note. The loan was


 

 

 

 

 

 

 

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%.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)8.26%.
b)8.33%.
c)8.00%.
d)8.25%.

 


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