What is the effective annual rate

Reference no: EM13287122

Electronics and More offers credit terms of 1/5, net 20. What is the effective annual rate on a $12,000 purchase if you forgo the discount?

A. 0 percent
B. 8.59 percent
C. 14.99 percent
D. 27.71 percent
E. 32.58 percent

Reference no: EM13287122

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