what is the effective interest rate on a 3-month noninterest-bearing note with a stated value of 13.7% and a maturity value of $220,000?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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what is the effective interest rate on a 3-month noninterest-bearing note with a stated value of 13.7% and a maturity value of $220,000? 

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