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H1 Supply Company purchased merchandise with an invoice price of $3800 and credit terms of...

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Accounting

H1 Supply Company purchased merchandise with an invoice price of $3800 and credit terms of 2/12, n/30. Assuming a 360-day year, what is the implied annual interest rate inherent in the credit terms?

80%

4%

40%

22%

Answer & Explanation Solved by verified expert
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