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Calculate the effective interest charged on the note

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Concord Inc. borrowed $63,100 on November 1, 2020, by signing a $63,857, three-month, zero-interest-bearing note. using factor table of present value or present value of an annuity to find out effective interest rate.

Question 1: Calculate the effective interest charged on the note. (Round answer to 1 decimal places)

Question 2: Prepare Concord's November 1, 2020 entry; the December 31, 2020 annual adjusting entry; and the February 1, 2021 entry.

Reference no: EM132518808

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