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What is implied annual interest rate inherent in credit term

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Reference no: EM131797309

Problem

LOL company purchased merchandise with an invoice price of ¥3000 and credit terms of 2/20, n/30. Assuming a 360 day year , what is the implied annual interest rate inherent in the credit terms?

24%

32%

36%

42%

Reference no: EM131797309

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