Question: On May 1 , 2 0 x 1 , Willhelm, Inc. enters into a borrowing arrangement with Jeremiah, Corp, issuing a five - year, $

On May 1,20x1, Willhelm, Inc. enters into a borrowing arrangement with Jeremiah, Corp, issuing
a five-year, $40,000 zero-interest bearing Note. Cash exchanged on May 1,20x1 is $34,504.
a. What will be the implicit interest rate used to account for this note? Show your work.
b. Given your response in part (a), complete the following amortization schedule

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