Multiple Choice
On April 31,2016,Elkhorn Associates borrowed $10 million cash from Colonial Bank and issued a 5-month,noninterest-bearing note,priced to yield an effective interest rate of 10%.The stated discount rate on this loan is:
A) More than the effective interest rate.
B) Less than the effective interest rate.
C) Equal to the effective interest rate.
D) Unrelated to the effective interest rate.
Correct Answer:
Verified
Correct Answer:
Verified
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