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What is the effective cost

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Question - SmallBiz offers its credit customers terms of 3/10 net 60. What is the effective cost (as a % per annum interest rate) to SmallBiz for offering this discount (assume 365 days per year)?

a. 109.5%

b. 3.00%

c. 11.29%

d. 22.58%

Reference no: EM133043656

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