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11-04-2024
Business

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On September 1, 2021, Hiker Shoes issued a $116,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 8.00%. Hiker's effective interest rate on this loan (rounded) is ________.
1) 8.33%
2) 8.25%
3) 8.00%
4) 8.26%

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