Question: A single-payment note promises to pay $140,493 in three years. The issuer exchanges the note for equipment having a fair value of $100,000. The exchange

A single-payment note promises to pay $140,493 in three years. The issuer exchanges the note for equipment having a fair value of $100,000. The exchange occurs three years before the date on the note. What is the implicit interest rate for the single-payment note?
Required:
Calculations of present and (or single payments and for annuities, to make the exercises more realistic, we do not give specific guidance with each individual exercise.

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