Question: What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12% and a maturity value of $200,000? (a).

What is the effective interest rate (rounded) on a 3-month, noninterest-bearing note with a stated rate of 12% and a maturity value of $200,000?
(a). 12.4%
(b). 12.0 %
(c). 11.5%
(d). 3.0%

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