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Peterson borrowed $60,000 for one year and signed a 12%, interest-bearing note payable. Assuming Peterson...

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Accounting

Peterson borrowed $60,000 for one year and signed a 12%, interest-bearing note payable. Assuming Peterson has an income tax rate of 40%, the net effective rate was: a. 6.5% b. 7.2% c. 9.1% d. 12%

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