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Headlands Ltd. issues a six-year, \$1,054,897 mortgage note on January 1, 2024, to obtain financing...

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Accounting

image Headlands Ltd. issues a six-year, \$1,054,897 mortgage note on January 1, 2024, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $125,825. What is the effective interest rate on the mortgage note payable? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 0 decimal places, e.g. 52\%.) Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1

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