A fiRm Offers Credit Terms of 1/5, Net 15

question 337

Multiple Choice

A firm offers credit terms of 1/5, net 15. What is the effective annual rate on the credit extended if a customer foregoes the discount on a $2,000 purchase?

• A) 27.70%
• B) 31.23%
• C) 36.00%
• D) 44.31%
• E) 47.98%

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