Your company purchased $10,000 worth of inventory January 2 on credit. The terms of sale are 3/15 net 45. What is the effective annual interest rate if you pay the full amount in 90 days?
A) 3.1%
B) 16.0%
C) 17.6%
D) 24.9%
E) 44.9%
Correct Answer:
Verified
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