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What nominal annual interest rate is debtor two incurring

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Reference no: EM132969957

FINCORP has two debtors who each make a $10, 000 purchase. Debtor 1 pays their account in 10 days, while debtor 2 pays in 30 days.

Problem a) Compare the dollar value of payments made by the two debtors.

Problem b) In simple terms, what nominal annual interest rate is debtor 2 incurring for the benefit of delaying payment?

Reference no: EM132969957

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