Evaluating the Annual Interest Rate Implicit in a Sales Discount with Discussion of Management Choice of Financing Strategy
Clark’s Landscaping bill s customers subject to terms 3/ 10, n/50.
Required:
1. Compute the annual interest rate implicit in the sales discount. (Round to two decimal places.)
2. If this bank charge s 15 percent inter est. should the customer borrow from the bank so that he can take advantage of the discount '? Explain your recommendation
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