On September 1, 2024, Hiker Shoes issued a $108,000, 6-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stateddiscount rate is 10%. Hiker's effective interest rate on this loan is:Note: Do not round intermediate calculations. Round your final answer to 2 decimal places.Multiple ChoiceOоO10.46%.10.00%.10.45%.10.53%

Answer Interest = amount × rate of discount × 6/12 = $108000 × 10% × 6/12 =…

Answered: On September 1, 2024, Hiker Shoes…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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