Randolf Company purchased merchandise with an invoice price of $3000 and credit terms of 3/10 n/30. Assuming a 360 day year what is the implied annual interest rate inherent in the credit terms?
A) 60%
B) 72%
C) 54%
D) 36%

Question

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The Answer of Randolf Company purchased merchandise with an invoice price of $3000 and credit terms of 3/10 n/30. Assuming a 360 day year what is the implied annual interest rate inherent in the credit terms?
A) 60%
B) 72%
C) 54%
D) 36%

Randolf Company Purchased Merchandise with an Invoice Price of $3000