A cash discount of 1/15,N/30 (1 percent cash discount if payment is made in 15 days,with the gross amount due in 30 days) is the equivalent of what approximate interest rate?
A) 24 percent.
B) 30 percent.
C) 36 percent.
D) 45 percent.
E) 54 percent.
Correct Answer:
Verified
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