Farwell Company Purchased Merchandise with an Invoice Price of $2,000

question 112

Multiple Choice

Farwell Company purchased merchandise with an invoice price of $2,000 and credit terms of 1/10, n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms?

• A) 2%
• B) 12%
• C) 18%
• D) 36%

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Definitions:

Economic Contraction

Economic contraction is a period of economic decline marked by falling GDP, decreased spending, and increased unemployment.

Private-Owned Enterprises

Businesses that are fully owned by private individuals or corporations, as opposed to being owned by the government or public entities.

Communism

Communism is a political and economic ideology advocating for a classless society, where property and production means are owned and controlled by the community.