Question: Required Information Exercise 7-6 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below) On August 1, 2019, Colombo Co.'s

Required Information Exercise 7-6 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below) On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $120,600 on December 31, 2019. The proceeds of the note were $114,000. Exercise 7-6 (Algo) Part a Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate

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