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What is the implied interest rate on the credit given

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Reference no: EM132600606

Question 1: Joe's Garage buys parts from a supplier on credit for $1,500. The terms that Joe is given are 6/10 net 90. What is the implied interest rate on the credit given?

Option 1: 32.62%

Option 2: 30.45%

Option 3: 26.66%

Option 4: 28.56%

Reference no: EM132600606

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