If an Invoice Indicates That Interest at the Rate of 2

question 313

Short Answer

If an invoice indicates that interest at the rate of 2% per month will be charged on overdue amounts, what effective rate of interest will be charged?

---

Definitions:

Exabytes

A unit of information or computer storage equivalent to one quintillion bytes or a billion gigabytes.

Information

Data that has been processed in a manner that makes it meaningful and useful to those who receive it.

People

Human beings considered collectively, often within a specific context or environment.

Cross Tabulation

A method used to analyze and display the relationship between two or more categorical variables in the form of a table.