The following information was extracted from the financial records of Lewis Company. 
Based on this information, what is the effective interest rate on the notes payable?
Definitions:
Fraction
A mathematical expression representing the division of one quantity by another, noted by a numerator divided by a denominator.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a resource or input.
Marginal Cost
The additional cost of producing one more unit of a good or service.
Competitive Labor Market
A market where numerous employers are actively seeking to hire and numerous individuals are seeking employment, with wages determined by the supply and demand for labor.
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