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What annual interest rate was the company charging

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Reference no: EM133119334

Question - A company has a policy to charge interest at a monthly rate on accounts NOT paid within 30 days of the billing date. If an adjusting entry was made to accrue $60 interest for one month on a $1,500 outstanding balance, what ANNUAL interest rate was the company charging?

a. 4.0%

b. 48.0%

c. 0.33%

d. 2.08%

Reference no: EM133119334

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