On January 1, 2014, Huff Co. issued a $4,000,000, zero interest (0%), 10-year note payable for $2,575,711. What was the Effective/Market Annual interest rate when the note was issued? I need typed answer with explanation N

On January 1, 2014, Huff Co. issued a $4,000,000, zero interest (0%), 10-year note payable for $2,575,711. What was the Effective/Market Annual interest rate when the note was issued? I need typed answer with explanation N

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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On January 1, 2014, Huff Co. issued a $4,000,000, zero interest (0%), 10-year note payable for
$2,575,711. What was the Effective/Market Annual interest rate when the note was issued?

I need typed answer with explanation N

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