Mahan Company purchased inventory on account under terms 2/10, n/30. Mahan would like to pay the account payable within the discount period in order to receive the discount. Unfortunately, Mahan does not have the cash. What is the maximum annual interest rate that Mahan would be willing to pay in order to borrow the money necessary to settle the account payable?
a. 2%
b. 20.2%
c. 36.5%
d. 40%
Answers: 1
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