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Cascade Ltd., which reports under IFRS and has a December 31 year-end, bought a truck on January 1, 20X1. The company could have purchased the truck for $50,000 but instead, paid for the truck by issuing a non-interest-bearing note payable with a maturity amount of $56,275 due on December 31, 20X4. In the blank boxes below, please provide the amounts asked for in each of the following questions in this order (when entering amounts please do not use commas, negative signs, dollar signs or cents - please round your answer to the nearest dollar except when providing an interest rate).
Problem 1: The interest rate that the note is incurring interest at? Express your answer in percent to two decimal places without a percent sign - for example 10.24% should be entered as 10.24
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