Multiple Choice
Intercity Industries accepted a one-year, non-interest-bearing note with a $21,000 face value in exchange for goods with a sale price of $19,534.What was the implied interest rate on the note?
A) There is no implied interest rate.
B) 7.8%
C) 7.5%
D) 6.9 %
Correct Answer:
Verified
Correct Answer:
Verified
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