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Randolf Company Purchased Merchandise with an Invoice Price of $3000

Question 151

Multiple Choice

Randolf Company purchased merchandise with an invoice price of $3000 and credit terms of 3/10 n/30. Assuming a 360 day year what is the implied annual interest rate inherent in the credit terms?


A) 60%
B) 72%
C) 54%
D) 36%

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