What is implicit borrowing rate being paid by customers

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Reference no: EM131980895

A store will give you 4.00% discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in 1 month. What is the implicit borrowing rate being paid by customers who choose to defer payment for the month? (Do not round intermediate calculations) Enter your answer as a percent rounded to 2 decimal places.) Could it do with Finance calculator format?

Reference no: EM131980895

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