Multiple Choice
A buyer failed to take advantage of the vendor's credit terms of 2/15, n/45, but instead paid the invoice in full at the end of 60 days. By not taking advantage of the cash discount, the buyer lost the equivalent of ____________ annual interest on the amount of the purchase.
A) 12.2%
B) 16.2%
C) 18.9%
D) 24.3%
E) 24.5%
Correct Answer:
Verified
Correct Answer:
Verified
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