Effective interest rate on the loan

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Reference no: EM13122118

Knique Shoes issued a 100,000, 8 month, noninterest-bearing note. The loan was made by Second Commercial Bank whose stated discount rate is 9%. The effective interest rate on this loan (rounded) is:

a. 9.49%

b. 9.28%

c. 9.57%

d. 9.50%

Reference no: EM13122118

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