Baker Inc. acquired equipment from the manufacturer on 10/1/2016 and gave a noninterest-bearing note in exchange. Baker is obligated to pay $918,000 on 4/1/2017 to satisfy the obligation in full. If Baker accrued interest of $9,000 on the note in its 2016 year-end financial statements, what is its approximate imputed annual interest rate?

a. 2%

b. 4%

c. 6%

d. 8%

Answer rating: 100% (QA)

Answer 4 interest between 1012016 to 123120... View the full answer