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On October 31, 2011, Simeon Builders borrowed $16 million cash and issued a 7-month, noninterest-bearing note. The loan was made by Star Finance Co. whose stated discount rate is 8%. Sky's effective interest rate on this loan is:

A. More than the stated discount rate of 8%.

B. Less than the stated discount rate of 8%.

C. Equal to the stated discount rate of 8%.

D. Unrelated to the stated discount rate of 8%.

Accounting Basics, Accounting

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  • Reference No.:- M939668

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